'which allows for losses generated by an individual, in whatever form, to be offset against other income.'
That IS negative gearing, it's not just limited to property losses set against employment income. If NG was scrapped it would apply to the application of all losses across all income streams (as in UK), just as scrapping the 50% CGT would apply to all capital gains not just property.
It's a tax subsidy whichever way you try to dress it up.
Tax legislation is very prescriptive to avoid abuse & tax avoidance, the way it was written specifically allowed NG to occur not the other way around.
