James

@Ispeek4me @AshPolitik Grow up.

@James16878077 @AshPolitik A section of government employing 12 people is not an "industry". Try harder.

No wonder majority of new business fail. If you run your business based on ideology and disinformation instead of rational pragmatic business acumen. If you fail to understand the tax system and available concessions. No wonder you're fucked.

I've started three businesses from scratch and currently employee 16 people so have a fair bit of experience on this topic. You have inadvertently highlighted my point - the government has created such a complex system, that there are entire industries that exist just to help business owners stay across the tax code - even dedicated government departments. What Australian's (business owners or not) need is a simple tax system that everyone understands and can plan and work to. Reduce the enormous amount of wasted administrative and bureaucratic cost and put that time and capital to productive use. On another note: if someone doesn't have capital to start a business they will very quickly realise if they need it. If not, they probably shouldn't be in business.

No. The reasons for tax concessions is to prevent them from failing and putting their employees onto welfare. Yet 20% of new small businesses fail in the first 12 months. I worked in a government department providing support and mentoring to new small businesses. Most didn't have a clue from the start. They had rarely identified who their customers were or where they were located. Vital information to know where to locate a business. Very few knew or understood regulatory, safety, employee or taxation requirements. Not to mention the idea they would need up front capital to set up. But typically you blame the tax structure for the need for concessions.

@AngusTaylorMP Angus growing into the role.

I will fight for small and family businesses. They’re working harder for less and Labor’s tax grab is an assault on their aspiration.

@LeeRespecter Finally an interviewer pushing him on the topic!

"... If it is a cake shop, a cake from a cake shop that has sales tax, and it's decorated and has candles as you say, that attracts sales tax, then of course we scrap the sales tax, before the GST is..."

@PeterMcCormack @narindertweets This is fantastic @PeterMcCormack - we need more of these conversations in general.

So I finally got someone from the left to sit down and talk. Tea, cake and economics with @narindertweets. Full interview 👇🏼

@cj110106 @mumbletwits It may happen, but it doesn't mean it's not an absurd concept.

@James16878077 @mumbletwits That already happens!!!!! If you sell that fruit half of it already gets claimed by tax!!!!! And the only other option (eating/using it or whatever) means there's no capital gains, which isn't taxed irl or in this analogy!!! IK this is probs a bot but saying this for every1 else

I don’t really get the argument that CGT means double taxing because the money invested has already (usually) been taxed. That money invested isn’t taxed by CGT, only the increase from that is.

If you are running a business that is correct, but the point wasn't in respect of GST. It was more about the absurdity of CGT generally. The government talk about it being a tax on wealth not labour, but in reality it is more often than not it is simply a further tax on labour.

@James16878077 @mumbletwits You buy a plant and pay GST, but that's OK, because your accountant gets the GST back, (for a fee that includes GST). You sell the fruit and charge GST, which your accountant takes and pays on your behalf (for a fee that includes GST) - and you make a profit, which is taxed.

@Carlcarlhanson @mumbletwits Not at all. Tax is part of a healthy economy. It's the tax on tax on tax I object to.

@James16878077 @mumbletwits Your argument is against tax entirely?

@Keir_Starmer You really are the worst.

I condemn the deadly attack on a mosque in San Diego. My thoughts are with those affected. I know many Muslims in the UK will be shaken by this, worried about their safety when going about their lives and attending mosque, and what it says about the times we’re living in. I understand those fears. Violence like this does not happen in a vacuum. It grows in an environment where division and anti-Muslim hostility are normalised. That is intolerable. We must all come together against it.

@coinbureau So it was YOU that slapped Chris Rock!!!?!?!

This deepfake is so FLAWLESS it can swap your face with someone else’s in real time. Video calls, livestreams, “proof” clips, and even identity checks are about to become much harder to trust. Watch this👇

@DrDinduMuffin @thesamparr Mostly agree, but I don't think you should be giving a reference unless they deserve one. That does no one any favours

@thesamparr Rip the bandaid off. 5min convo after that pretty cut and dry. Have some humanity unless they like did fraud. Give 2-4 months severance so they can get something new and not be homeless. Say they can use you as a reference. It’s just the right thing to do.

Firing people. It’s the worst. I hate those conversations, even if I strongly dislike the person or they’re clearly doing a bad job and costing me millions of dollars. I almost always avoid the conversation for far too long. The best way I’ve learned is to start by saying “look this conversation is going to be uncomfortable, but I’m letting you go today.” Most people let the conversation meander and only get to the point 10-20 minutes in. In my experience it’s better to just rip the bandaid off. This is true for most any breakup!

@thesamparr Agreed. Get to the point, keep it short and sweet and factual. They don't want to be on the receiving end and more than you want to be delivering the news.

@MisterBandwagon @GeoffWilsonWAM You're response both makes no sense and is dismissive of a proven argument. I sense your ideology precludes you from sound economic judgement. We will nevrer agree so let's leave it there

@James16878077 @GeoffWilsonWAM Ahh sorry, it's the old flight of capital argument you're running here. Yes I did miss it. Ultimately you're advocating a race to the bottom, and it goes back to taxing investment returns well below that of the labour that supports it.

The Government is destroying the life blood of Australia. The capital gains tax changes are an economic suicide note. They’re attacking the very engine of Australian prosperity, the risk capital that funds our companies, creates jobs, and drives innovation. Carve EVERY company out of this madness. This isn’t “fairness”. It’s self-inflicted decline. #HandsOffCapitalGains

You are missing the point - founders and investors will not risk losing another 23.5% of their investment return when they can relatively easily take their capital, expertise and job creation to more favourable tax jurisdictions. Want to know what happens next? Look at the UK, where people are leaving in their droves.

@James16878077 @GeoffWilsonWAM The only change at exit is the different treatment to the sale of shares, nothing changes in the small business tax concessions. I would suggest if you're exiting a startup with a sale of shares, then it's likely because you've done alright and the gain is significant.

@MisterBandwagon @GeoffWilsonWAM I'll keep it simple: it's too much tax at exit. There is a level where the potential risk outweighs the potential return. And we're crossing that threshold for many. People will start or invest in businesses with more favourable tax jurisdictions. See, no need to condescend.

@James16878077 @GeoffWilsonWAM In exactly what way do the changes to the capital gains tax discount disincentivize investment in business such as start-ups and innovation. Please be specific and avoid motherhood type statements like "under Labor bad".

@Ben_Davison1 Fantastic - and who pays for it all?

“Founders” thinking they “built the business without any help from government” are generally delusional narcissists Government provides -Educated & trained employees -The rule of law -Roads, rails, NBN, electricity, gas & water for your workers, products & services -Civil society

@TheKouk NZ also has lower rates of income tax, no payroll tax, no stamp duty, cheaper housing, and more.

Noteworthy NZ has a GST equivalent of 15% on all goods & services. If you go there, you might save a few bucks on your capital gains, but will be slugged every day, week, and year you are there with the hefty GST rate.

@peter_tulip Take a look at what is happening in the UK - 17% of billionaires left in the last two years and millionaires leaving in their droves. People are prepared to pay tax, but when it becomes excessive, they will leave.

Both sides are greatly exaggerating the importance of the tax changes. No, they won't improve affordability. Prices will fall about 2%. But nor will start-ups flee. CGT-avoiders could have moved to NZ, but didn't. Nor was there any surge after 2000. Does anyone look at evidence?