Darryl Cathery

YESTERDAY: @TimWilsonMP, Shadow Treasurer, Addressed the National Press Club of Australia for the Post-Budget Reply Address. Watch the replay on ABC iview or on the National Press Club of Australia YouTube channel. Link in Bio. Fernanda Pedroso Photography

And Tim Wilson gave us MORE. As if the "Salon" - which is seemingly a predominantly online business 'run' by an 18-year-old, wasn't enough, he gave us this also: See Speers very specific questions: David Speers asked at the #NPC: David Spears from the ABC. Thanks Tim Wilson for your address. The government says there's a whole lot of misinformation around its capital gains tax changes. I wonder if I could ask you to explain the example you just used in your speech. You talked about Sienna who started Tweenyskin five years ago, done well, business has grown. You said half of her profits will be taken by the silent shareholder, the Prime Minister. Can you just explain how that would happen? The government says existing exemptions for small business would remain. So how exactly would Sienna lose half her profit? And here is what goober TIM replied - Remember, NPC rules mean Speers cannot ask another question so Tim's reply goes unchecked. Read this bullshit, or better still, watch him say it. ▓ Skip the bit BETWEEN the bricks ▓ if you are going to watch the video, but read the explanation below. ▓ Tim's reply and its full of shit: Well it depends on when Sienna chooses to opt out of her business and sell it and for what price. I mean she started from her bedroom, her cost structures were zero so of course she's going to have a maximum uplift associated with her businesses. A lot of the people who are setting up businesses are the treasurers out there today spinning a message, as often he does, highlighting existing exemptions for CGT. Most of those are focused at the back end of people's lives, particularly as they head towards retirement and also based on the price at which they sell. I can't tell you what Sienna's going to sell but I can tell you the work, saving and sacrifice and everything they have put into it could, depending on the exit strategy and price, ultimately face up to 47%. But is it possible she could pay no capital gains tax as well? Well I can't give you, we're dealing with hypotheticals, I'm telling you what her story is. It depends on when she decides to exit, it depends on what she sells for, it depends on what stage of life she's at based on the current application of the law. But there are a lot of small business owners all around the country that are looking at the proposals put in this budget and not just do they think it comes in a tax them, they are looking at it and saying we worked, we sacrificed, we saved, we were there at 2am on a Sunday morning when nobody else was there. And all of a sudden the government, which traditionally takes some of the capital gain, no one's disputing that, is essentially working towards doubling that and in some cases it would be that much. >>>>>>>>>>>>>>>>>>>>>>>>>▓ 1. The Hypothetical Dodge Tim Wilson explicitly admits his example is hypothetical: "I'm telling you what her story is. It depends on when she decides to exit, it depends on what she sells for, it depends on what stage of life she's at..." Translation: He has no concrete evidence that Sienna (or any small business owner like her) would face a 47% tax under the current or proposed CGT rules. Reality: The government’s proposed changes do not affect small business CGT concessions. Sienna, as a small business owner, would still qualify for: →15-year exemption (100% tax-free if she retires and owned the business for 15+ years). →50% active asset reduction (only 25% of the gain is taxable after discounts). Retirement exemption (up to $500k lifetime exemption). →Roll-over relief (defer CGT by reinvesting). Result: Her effective CGT rate would likely be 0–25%, not 47%. His answer is a word salad to avoid admitting the truth: His example is baseless. 2. The "Silent Shareholder" Myth - Tim claims: "...the government, which traditionally takes some of the capital gain, no one's disputing that, is essentially working towards doubling that and in some cases it would be that much." Reality Check: The current top marginal tax rate is 47% (45% + 2% Medicare levy), but this only applies to salary earners on income over $190k. For small business owners like Sienna: If structured as a company (Probably not she is under 18 or just turned 18, so likely, we will come back to this, 'held' by her ex-beautician mother/family): 25% company tax rate. If selling the business: 0–25% CGT after concessions. No scenario exists where the government takes 47% of her business sale profits under the proposed changes. The "doubling" claim is false. The budget does not double CGT for small businesses. It tightens loopholes for high-income earners (>$450k) and super funds, not small business owners. 3. The Emotional Manipulation Tim leans on melodrama: "...we worked, we sacrificed, we saved, we were there at 2 am on a Sunday morning..." Irrelevant to tax policy. Hard work doesn’t justify false claims about tax rates. Distraction tactic: He avoids the Speers direct question ("How exactly would Sienna lose half her profit?") by appealing to emotion. 4. The Press Club Rules Loophole David Speers couldn’t follow up due to Press Club rules. Tim knew this. He used the format to dodge accountability, knowing he couldn’t be pressed for details. TIM IS SPREADING MISINFORMATION like a PRO COOKER. Quote - Tim Wilson: "We're dealing with hypotheticals"