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By: Staff Reporter
In a sign that property investors are coming back into the market, Data from the Australian Tax Office has found that one in seven taxpayers now own at least one investment property.
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Figures released yesterday by the Tax Office show negatively geared property generated losses of more than $8.6 billion, a 35 per cent surge that saved property investors some $4 billion in tax.
Queensland and NSW residents were the most enthusiastic property investors, accounting for 60 per cent of the $8.6 billion in losses.
People earning between $30,000 and $75,000 a year represented the largest group of taxpayers who held property investments and they claimed $3.6 billion in losses.
Dr Ken Henry, author of the Henry Report said his research would canvass the taxation of housing, such as negative gearing, capital gains tax and stamp duty.
Dr Henry said he favours a tax system that does not heavily favour debt funding like negative gearing over equity funding.
