CANBERRA

AUSTRALIA’S FIRE EXPERTS have warned that the Federal Government’s latest budget may lead to a huge increase in house fires as owners seek to ensure their investment properties meet the ‘new build’ criteria for Capital Gains Tax and Negative Gearing benefits.

“You can buy a new build for the tax benefits, or you can try and make an old property into a new build,” says Wally Frawd of Angle Capital, whose recent involvement in the NDIS may lead to a Royal Commission. “Watch out for thousands of sudden house fires and the massive insurance claims and rebuilds that follow. I can see whole towns exploding in fire over this. You won’t recognize Australia in ten years time. And insurance is probably going to go up. A lot.”