FED:Tax reforms to impose 'substantial costs' on public

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.