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Gen Zs Who Approach Share Market Like 'Lottery Ticket' Could Pay More Tax
The government says only a modest share of small businesses will be affected as it consults on the tax changes.
- Treasurer Jim Chalmers is defending budget changes to capital gains tax after startup founders labeled the proposal a "massive tax hit" that would double their tax bills when selling companies.
- The budget reforms replace the current 50 per cent discount with a cost-base indexation scheme, a move Labor claims will remove "one of the big distortions" and deliver a "more neutral treatment of investment."
- Forty business owners under 40 wrote to the prime minister claiming the shift effectively doubles their tax bills, while Shadow Treasurer Tim Wilson cited teenage entrepreneur Sienna as disadvantaged by the policy.
- Dismissing the backlash as "misinformation," Chalmers told reporters on Wednesday that critics ignore existing small business concessions and that shares were already disadvantaged since 1999.
- Financial analyst Andrew Lilley from Barrenjoey noted the changes may guarantee real rates of return for some savers, though some investors fear losing incentives for high-risk assets like cryptocurrency.
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Treasurer hits back at “misinformation” about controversial tax changes
Jim Chalmers has been forced onto the defensive by a growing campaign against the proposed capital gains tax changes. The post Treasurer hits back at “misinformation” about controversial tax changes appeared first on SmartCompany.
Coverage Details
Total News Sources12
Leaning Left7Leaning Right2Center0Last UpdatedBias Distribution78% Left
Bias Distribution
- 78% of the sources lean Left
78% Left
L 78%
R 22%
Factuality
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