The federal government's planned tax changes will dump compliance costs on taxpayers and their advisers, an accounting body warns.
Under Labor's reforms, the capital gains tax discount of 50 per cent will be replaced with an inflation-indexed calculation and a 30 per cent minimum rate.
Negative gearing of investment properties will also be scaled back to only apply to new houses from July 2027.
The Chartered Accountants Australia and New Zealand will tell a senate inquiry on Tuesday a statutory review of the legislation should take place within 12 months due to the short consultation time and complexity of the changes.
This would act as a safeguard mechanism to ensure the legislation was operating as intended and to provide an opportunity for any "fixes" that needed to be made.
