Recommendations Rejected by the Government
The Prime Minister and Treasurer in a joint announcement indicated the recommendations which will not be implemented, included:
• Reducing the CGT discount
• Limiting negative gearing deductions
• Changing the grandfathering provisions for pre-CGT assets
• Removing the benefits of the imputation system
• Including the family home in means testing calculations
• Making changes to the tax system that would be disadvantageous to the not for profit sector
• Abolition of the luxury car tax
• Reducing indexation of the aged pension
• Introduction of a bequests tax
• Reducing the levels of family and youth assistance, and
• Introducing a land tax on the family home.
The announcement also contained the confirmation that the Government 'will never increase the rate or broaden the base of the GST or remove tax free superannuation payments for the over 60s which were both ruled out of the AFTS Terms of Reference.'
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