No changes to CGT says PM

No changes to CGT says PMThe Prime Minister ruled out making any changes to capital gains tax during a heated session in Parliament on Monday.Speaking in Question Time, Malcolm Turnbull told his parliamentary colleagues that “increasing capital gains tax is no part of our thinking whatsoever”.”We know that there would be nothing more damaging to confidence and growth than smashing housing prices,” he added.”Every single Australian recognises that the bulk of most families’ assets is in their home. It is well over 65 per cent across the board, so you knock that price down; you knock that value down.”Turnbull later added that the capital gains tax exemption on the family home is “absolutely hallowed and sacrosanct.”.Property Council chief executive Ken Morrison has welcomed the Prime Minister’s assurances that the Coalition has ruled out changes to capital gains tax.”The Prime Minister’s emphatic statement confirming that capital gains tax is off the table is significant,” Morrison says.”Investors weigh up a number of factors when considering an investment – and capital gains tax is one of them.”Australia’s property industry already pays more than $72 billion each year in taxes – which is 16 per cent of all national tax revenues for an industry which makes up 11.5 per cent of GDP.”However the Government is yet to announce whether it intends to make changes to negative gearing, a significant area of concern,” Morrison concludes.