New data from the Australian Tax Office has found more Australians own investment properties than ever before – but less of them are negatively geared.
The number of Australians that own an investment property has climbed to 2,033,901 in the 2013-2014 financial year – an increase on the 1,967,000 the previous year.
At the same time, the number of Australians that negatively gear their investment property dropped from 1,262,000 to 1,218,488.
New ATO tax data has brought into question attempts to limit negative gearing, confirming that nurses, teachers and clerical workers are among the professions that negatively gear property in Australia.
Property Council chief executive Ken Morrison said:
“Investment in property is driving jobs, growth and keeping rents down. At the same time, there is absolutely no evidence that negative gearing is being abused,”
“According to the ATO, total losses from investment properties have fallen from $7.9 billion in 2011-12 to $3.7 billion in 2013-14,”
“The potential budget impact to taxpayers of negative gearing has fallen by more than 50 per cent in two years.”
Source: Property Council of Australia
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