Happy new capital gains discount

Effective today, the Federal Government will lift the capital gains tax discount from 50 to 60 per cent to Australian residents who invest in qualifying affordable housing.

The government has clarified that tenant eligibility and rental payments will be determined by registered community housing providers, consistent with state and territory affordable housing policies.

Taxpayers must hold the property for use as affordable housing for an aggregate of three years in order to access the additional discount.

We look forward to seeing the legislation hit parliament in February and seeing the details from the states and territories re its implementation.