Labor backs down on widow's tax after backlash

Labor's negative gearing and capital gains tax reforms passed through Parliament with last-minute amendments addressing the so-called 'widow's tax'. Independent Senator David Pocock raised concerns that grandfathered protections for existing investment properties would disappear when ownership transferred from joint to single ownership after divorce or a partner's death. Labor committed to fixing this issue with additional legislation later in the year, following a deal struck with the Greens to secure passage of the reforms.See omnystudio.com/listener for privacy information.