Capital Gains Tax and Industry Super Australia

Malcolm Turnbull: Key points:Government mulls halving super fund capital gains tax from 33 per cent to 15 per cent Finance Minister refuses to confirm the proposal Industry Super Australia warns cuts could increase speculative short term investment If it does, it would appear to be at odds with the Prime Minister bold declaration to Parliament that: "Increasing capital gains tax is no part of our thinking whatsoever." Malcolm Turnbull made the statement in a swingeing attack on Labor policies to limit tax deductions on investment properties to new homes and to halve the capital gains tax discount on assets held for more than a year from 50 per cent to 25 per cent, according to Australian Broadcasting Corporation. On capital gains, Mr Turnbull said the change would hammer investors because the tax on their real gain after inflation would be 70 per cent. "Nothing could be more calculated to put the brakes on investment, jobs and growth," he said. Related Story: Shorten to unveil capital gains tax, negative gearing plans Map: Australia The Federal Government is contemplating halving the capital gains tax discount for superannuation funds, in its quest to find money to fund income tax cuts. But when questioned about the statement the Prime Minister office said he was only ruling out the tax options proposed by Labor, which focus on property. Capital gains tax is imposed on those profits. What are capital gains Capital gains are the profits that a fund, or an individual, makes on the sale of an asset. (news.financializer.com). As reported in the news.