Greens will support amended tax package to pass parliament; close loophole on self-managed super funds investing in housing
Greens will support amended tax package to pass parliament; close loophole on self-managed super funds investing in housing | Australian Greens Skip to main content Search Get Involved Join Donate Our plan Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Federal MPs State/territory MPs Officeholders Media releases Take action Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement About the Greens Become a member Jobs Green Magazine All news Get Involved Join Donate Search Our plan Toggle Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Toggle Federal MPs State/territory MPs Officeholders Media releases Take action Toggle Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement Toggle About the Greens Become a member Jobs Green Magazine All news Greens will support amended tax package to pass parliament; close loophole on self-managed super funds investing in housing 2026-06-23 The Greens have today resolved to support the government’s first tranche of tax changes to pass the Senate this fortnight.
The Greens secured an amendment to prevent wealthy property investors from exploiting a loophole to use Self-Managed Super Funds to buy up tax-advantaged investment properties, and removed ministerial discretions that would have allowed a Minister to wind back these reforms. The Greens have criticised Labor’s tax package for locking in over $30 billion in tax handouts per year from Australia’s budget to the wealthy property investors.
This grandfathering encourages property investors to hold on to properties that are eligible for tax breaks, and means 1.7 million properties will remain in the hands of property investors, not first homebuyers. While Labor’s low ambition means that the inequality and housing crisis will be worse than it should be, for longer than it needs to be, the Greens will continue fighting to further restrict tax breaks for wealthy property investors.
Australian Greens Leader Senator Larissa Waters said: “This was a once in a generation moment to help young Australians - but by grandfathering in wealthy property investor tax perks Labor has once again chosen to put the 1% over the millions of people trying to buy their first home. “Backing this bill puts an end date on these tax breaks - but Labor’s low ambition means that that inequality and the housing crisis will be worse for longer.
This enduring housing crisis will now be squarely of Labor’s design. “We are glad that the government has listened to some of the concerns raised through the inquiry process by the Greens and experts, but Labor has again ignored young people and renters. “Ending rather than grandfathering these tax breaks today would have helped renters get into a home of their own - but Labor is telling first homebuyers to wait because wealthy property investors haven’t made enough money off the housing crisis.
“The Greens will continue fighting for the third of this country who rent, while Labor, Liberal and One Nation keep trying to give more perks to ultra-wealthy property investors.” Australian Greens Economic Justice Spokesperson Senator Nick McKim said: “Labor has missed a generational opportunity to do something significant about the housing crisis, but despite their lack of ambition the reforms are a small step in the right direction.
“After four years in government and multiple failures to act, Australia’s housing crisis is now Labor’s housing crisis. “The Greens have been fighting to repeal these tax breaks since they were introduced - and when they finally go, it won’t be a day too soon. “Labor has chosen to skew this package to benefit wealthy property investors in every way they can.
They have delayed relief for renters, pulled up the ladder on first homebuyers, and let the 1% keep $33bn in tax breaks. “The changes we have secured means that there will be fewer wealthy property investors turning up to auctions and outbidding renters who want to buy their first home. “Labor’s decision to lock in $33 billion in tax handouts means 1.7 million properties will remain in the hands of property investors, not first homebuyers, and leave renters to continue fighting the housing crisis for longer.” BACKGROUND TO GREENS AMENDMENTS TO THE CGT BILL GREENS SECURED AMENDMENTS WILL: Close self-managed superannuation fund’s exemption from the prohibition on being able to borrow to fund investments.
Superannuation funds are generally prohibited from borrowing to purchase assets because it increases financial system risk. However in 2007, SMSFs were given an exemption, enabling limited recourse borrowing arrangements (LRBA) to purchase property. This change will be prospective, protect contracts signed before the date of commencement and provide time to finalise arrangements currently in train – by taking effect 45 days after royal assent.
Remove the Treasurer’s ability to add any additional classes of assets that can become eligible for the 50% CGT discount and rein in his power to prescribe any type of property investment that can be eligible for deducting losses against salary and wage income. This prevents a Minister undoing these changes at the stroke of a pen by extending the discount to other assets.
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