Former Treasurer Peter Costello hit back at calls to curb property tax concessions, namely negative gearing and the capita gains tax discount (CGT).
Costello introduced the 50% CGT discount in 1999 and defended the current tax settings in a speech last week to the Property Council of Australia’s annual congress in Townsville.
“Interest on borrowings has always been tax-deductible, as long as we’ve had an income tax which goes back to 1915, a federal income tax to fight the First World War”, Costello said.
