New rules will affect how Australians are taxed, favoring workers.

The government expects 75,000 properties to move from investors to homeowners.

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The tax changes will lead to 35,000 fewer homes being built.

New property purchases are not eligible for negative gearing unless it's a new home.

Previously, rental property losses could be deducted from income tax.

Now, that benefit is only for existing investment properties bought before May 12.

Investors can still deduct losses from rental income.

A discount on tax owed on profit from selling assets will end in July 2027.

Assets will owe tax on profits made beyond inflation.

A 30% minimum tax rate will apply to capital gains made.

Assets held before July 1, 2027, will still have the old rules applied.

If those assets are sold after July 2027, the new tax scheme will be applied.

People can choose how to calculate the tax owed on assets.

The government says the tax changes will shift who benefits from new housing supply.

Treasurer Jim Chalmers said the tax system got out of whack.

The government is trying to align the tax system.

The challenges begin with housing supply but don't end there.

The government can't let the housing market and tax system lock out people.

Mr. Chalmers said it was worth breaking a promise for the right reasons.

A minimum tax rate of 30% will be applied to family trusts.

Negative gearing ends for established dwellings bought after tonight.

Currently, landlords can deduct losses from their taxable income.

Established properties purchased after tonight will no longer use negative gearing.

The Budget Explained by Annabel Crabb and Ian Verrender.

Investors who already own properties will be exempt, along with new builds.

New builds are dwellings constructed on vacant land or replaced with more dwellings.

Knock-down rebuilds or renovations that don't increase supply are not eligible.

The government says the housing market needs rebalancing.

Treasury estimates 83% of investor credit goes towards existing housing.

The government wants negative gearing to be for new homes.

After tonight, existing dwelling buyers can deduct rental losses.

The new rules will apply to established dwellings exchanged after tonight.

CGT discount overhauled, but guaranteed 30% minimum tax.

Under the current scheme, only half of the profit is counted if the asset is held for more than a year.

Under the new scheme, tax is owed on profit made beyond inflation.

If a property's value grew by 5% and inflation was 3%, tax would be owed on the 2% growth.

The tax payable on profit can never be less than 30%.

Pensioners and others receiving income support will be exempt from the minimum 30% rate.

A person's main residence is exempt from capital gains tax.

The new rules will apply to assets purchased after July 1, 2027.

Taxpayers can choose how to calculate tax owed on assets.

The CGT discount restrictions end a long-running exemption on assets before 1985.

Individuals investing in new builds can choose between the 50% discount or inflation rate.

The government will consult with the tech sector on CGT for startups.

35,000 drop in supply from tax change to be offset by public spending.

The negative gearing cut-off will lead to a net 75,000 homes being sold to owner-occupiers.

The fall in investor demand will reduce new supply by about 35,000.

Treasury expects the drop in demand to cause a temporary slowing in house price growth.

The government says the fall in private investment will be offset by taxpayer-funded housing stock.

2 billion has been committed to build more infrastructure and open up new housing lots.

States can access the money if they release more home-ready land and agree to productivity reforms.

A temporary ban on foreign buyers will be extended to mid-2029.

The government expects its housing measures to add 30,000 more dwellings over four years.

In the long term, it will help fix the budget deficit.

The revenue from the tax package will net 77.2 billion over a decade.

The government expects its changes to raise 3.6 billion, mostly paid back in tax relief.

Albanese government breaks another tax promise.

The changes to negative gearing and CGT are more broken promises.

The government has gone back on its word, similar to what it did in 2022.

Prime Minister Anthony Albanese snapped at a reporter about changing tax perks.

The government wants to know what issues matter to voters ahead of the budget.

The government has calculated the popularity of curbing negative gearing and CGT.

Treasurer Jim Chalmers conceded the government had broken its promise.

The comments at the election reflected the government's focus on housing supply.

The government is coming to a different view than it held 12 months ago.

Closing trust loophole a quiet budget money-spinner.

The new minimum tax rate on family trusts could prove a significant money maker.

Discretionary trusts are designed to help protect assets and plan family succession.

The government says some high-income earners use trusts to lower their tax owed.

The government says the vast majority of trust income flows to the top-earning 10% of families.

From July 2028, trustees will pay a minimum 30% tax rate on taxable income.

The government says the minimum tax closes a loophole benefiting wealthy families.

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