Australia blocks self‑managed super funds from residential property under tax overhaul

The Albanese government announced a sweeping overhaul of capital gains tax (CGT) and self‑managed super funds (SMSF) rules. A deal with the Greens will prohibit SMSFs from investing in residential property, and new CG‑tax settings will be removed for grieving spouses and divorcing couples when a partner dies or property is transferred.

Treasurer Jim Chalmers said existing investments will retain grandfathered concessions, but any property bought after the budget will be subject to the new rules. Nationals leader Matt Canavan condemned the measures as a "dodgy deal" and accused Prime Minister Anthony Albanese of lying about the plan. Industry bodies warned the restrictions could push small investors into financial hardship and called for targeted reforms rather than a blunt ban.