Own a classic car, then Labor is about to screw you.
The Australian Government has confirmed that, from July 2027, classic motor vehicles will become subject to Capital Gains Tax (CGT). This measure has been announced by Prime Minister Anthony Albanese and Treasurer Jim Chalmers.
Owners of eligible vehicles will be required to obtain a valuation from a registered motor vehicle valuer prior to the commencement date to establish the asset's market value for CGT purposes. The cost of obtaining a valuation is expected to average approximately $500 per vehicle.
The Government estimates that the measure will generate approximately $6.0 billion in additional revenue over the forward estimates.
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🇦🇺@RealLandDownUnder
The Australian Government has confirmed that, from July 2027, classic motor vehicles will become subject to Capital Gains Tax (CGT). This measure has been announced by Prime Minister Anthony Albanese and Treasurer Jim Chalmers.
Owners of eligible vehicles will be required to obtain a valuation from a registered motor vehicle valuer prior to the commencement date to establish the asset's market value for CGT purposes. The cost of obtaining a valuation is expected to average approximately $500 per vehicle.
The Government estimates that the measure will generate approximately $6.0 billion in additional revenue over the forward estimates.
X Link
🇦🇺@RealLandDownUnder