Startup Founder Fears Death of Dream After Tax Tweaks
The founders backed housing tax changes but said removing the discount from productive assets would lift costs for younger investors and start-ups.
- Forty Australian business owners under 40 penned an open letter to Prime Minister Anthony Albanese, labeling the government's capital gains tax reform an "aspiration ambush" threatening growing companies.
- The federal budget reduced the capital gains tax discount from 50 per cent to 30 per cent, aiming to support younger Australians entering the housing market while adjusting cost base indexation.
- Signatories from Pillar Performance and Linktree support housing affordability measures but argue removing the discount on productive assets like shares will stifle investment and business growth.
- Treasurer Jim Chalmers dismissed concerns as "misinformation" on Tuesday, asserting the framework taxes only real gains, while Treasury data showed the average tax rate rising from 19.3 per cent to 21.5 per cent.
- Albanese attributed the campaign to "right-wing parties and their allies," while Shadow Treasurer Tim Wilson promised a new Small Business Act to ensure firms have a voice in government decisions.
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11 Articles
More Than 40 Young Tech Leaders Push Back on Labor’s Capital Gains Tax Overhaul
More than forty Australian tech business leaders under the age of 40 have urged Prime Minister Anthony Albanese to carve out shares and business equity from his government’s capital gains tax overhaul. The letter has 45 signatories including Linktree co-founder and CEO Alex Zaccaria, hospitality ordering platform me&u’s Kim Teo, and medical testing company Everlab’s co-founders Georgia Vidler and Marc Hermann. “We, the undersigned, are the peopl…
'Broken promises', 'death tax': What the tax reform tantrum is really about
A glossary to help you navigate the hysterical language being thrown at Labor's tax reforms. The post ‘Broken promises’, ‘death tax’: What the tax reform tantrum is really about appeared first on Crikey.
Sydney Morning Herald
Forty under 40: Millennial entrepreneurs unite against Albanese’s tax overhaul
Treasurer Jim Chalmers got on the front foot on Tuesday following scrutiny over Labor’s decision to remove the CGT discount on shares and companies.
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