Tax reforms to impose 'substantial costs' on public

Australian tax reform discussions focus on cutting negative gearing, restricting deductions, and indexing a $1,000 work-expense deduction as reforms proceed. The Chartered Accountants Australia and New Zealand told a senate inquiry that changes lack legislative clarity and will impose substantial compliance costs, urging a 12-month statutory review and a five-year phase-in. They also pushed to cap negative gearing to new homes from July 2027 and called for indexation of the work-related expense deduction. Unions and the ACTU supported reforms for housing equity but warned grandfathering may delay impact, while the Coalition vows to oppose and Greens have not yet committed to backing the measures.