TED O’BRIEN MP
DEPUTY LEADER OF THE OPPOSITION
SHADOW TREASURER
MEMBER FOR FAIRFAX
MEDIA STATEMENT
Today in Question Time, both the Prime Minister and the Treasurer refused to rule out expanding Labor’s tax on unrealised capital gains to include family homes and family trusts.
This should send a chill down the spine of every Australian family.
Labor is already pushing ahead in taxing unrealised capital gains, or theoretical profits, in superannuation and now they’re refusing to say whether it could be extended even further.
I asked a simple question: Will the government rule out ever taxing unrealised capital gains on anything beyond superannuation? Treasurer Chalmers refused to answer.
I asked a second question, this time to the Prime Minister who refused to rule out applying its new tax principle to the family home or family trust.
This tells you everything you need to know.
Treasury has made it clear – Labor cannot fix its budget mess without raising taxes and stopping its spending spree.
Labor’s only solution is to cross a red line in tax law by introducing a tax on theoretical profits in people’s superannuation.
Now it seems super is just the start, they clearly want to go further but won’t reveal what’s next in their sights – but they won’t rule out going after the family home or family trust.
Despite its huge majority in the House, the Albanese Government’s first Question Time was an embarrassment as they dodged and weaved to avoid questions on their plans to hike taxes.
The Coalition stands for lower, simpler and fairer taxes.
Labor stands for higher, complex and unfair taxes.