Simon Badenoch

CGT Changes: Over 11,000 calculations to do your Tax I'm going to explain the administrative and accounting disaster that is our new inflation corrected CGT arrangement. The new CGT system encourages people to get dividend paying stocks. Many people do dividend reinvestment programs over the lifetime of their holding to try and build wealth. Seems sensible. Now imagine you have a standard 20 share parcel of shares with dividends twice a year that you put into a dividend reinvestment program. You hold it for 15 years and then sell it, fortunately all have been winners. Well done. Under the new system you have to do over 11,000 calculations at tax time to satisfy the commissioner. See the image. And these aren't simple calculations. It's not like you're getting the sale price minus the purchase price and halving the difference as in the existing system. My 6-year-old can do that calculation. No, the new system requires you to do a compounding equation with different start dates and different end dates where you have to ensure that the inflation for that year matches the particular purchase date and take it through to sale. I haven't even gone into whether you use first in first out accounting, it already looked complicated enough. My 16-year-old would struggle with that calculation. Peter Costello said a major reason for introducing the 50% CGT discount was it's simplicity and compliance costs. He was right. The new government expects you to have a PhD in mathematics or pay your accountant five times as much for the administrative burden. I'm pretty sure the Labour Minister for Finance Katie Gallagher is not able to do this calculation. Why doesn't some enterprising journalist put her on the spot? And of course the ATO will need to expand markedly to ensure compliance. Which you will pay for in your taxes.

Labor's new CGT rates are at least 50% higher than currently, and also 50% higher than the tax on labour. They are not aligning the incone and capital tax rates, that are already are very close. They are taxing capital at least 50% harder. Circulate widely please.

A very sad announcement. I have just been convicted a second time for 'hate speech' and it is only due to a technicality that I could not immediately be sent to jail —to the judge's frustration. In an ironic turn of events it's actually thanks to my previous prison sentence (for memes in a private group chat) that I am now still free —in a physical sense, at least. Call me naive but I didn't think they would take it this far, given that this precedent criminalises many of the arguments used by even the most moderate politicians critical of mass migration. In February 2024 I gave a lecture at Catholic University Leuven wherein I linked mass migration to crime and a deterioration of our quality of life. Every single point I made was 100% the truth and based on scientific evidence. Cynically, even the judge that convicted me admits as much by writing in his verdict: “Even if all of the statements made by Van Langenhove are based on scientific evidence and statistics, it makes no difference to the criminal intent. Van Langenhove is not charged with spreading false information. He is charged with presenting facts in a way that incites hatred against persons on the grounds of one or more of the protected criteria in the Anti-Racism Law.” That's a lot of words just to say he wants to send me to prison for speaking the truth. Even the regime media write: "It did not matter to the court that Van Langenhove was quoting scientific sources. The judge argued that Van Langenhove's main message was that a big part of the societal problems like insecurity, housing shortages and lowering educational standards are due to mass migration." You may think the regime media are being sympathetic to me in the first sentence, but in reality they are warning people: even if you speak the truth, if you go against our narrative, we will crush you in every way possible. Both the public prosecutor and the judge did not present a single real argument as to how or against whom I would have incited hatred. So even if I would accept their crazy, dystopic law, I still did not break it. The only argument they present is that I created a "hostile atmosphere of us versus them” in regards to migrants. But even this silly argument (which is not even a punishable offence) is not true. To me, the deadly disease is self-hatred and one of its worst symptoms is replacement migration. My enemy is thus NOT the migrants themselves but those orchestrating the mass migration. Sadly, in Belgium, evidence is not needed and ‘vibes’ are enough to put someone in jail. Given the fact that I have another court case coming up in September and that I have a dozen active criminal investigations for hate speech, time is running out for me. I have already paid more than €420,000 in legal fees and there is no ending in sight. I have been in an intense battle of attrition for eight years and must now regroup to make sure I can still win. If you want to help me, you can do so via the links below. If you can help in other ways, please contact me via DM. If you live in a country that still has free speech, never let them touch it, however noble they make the motives sound, because this is where it leads to.

Official compliant lodged with the ACCC; All i have lodged an official complaint;

PM is lying when he says system is moving to tax real gains, and that is the problem! He has twice said this in Parliament today. In AFR articles Friday, Saturday, $10000 in 4 Banks owned for 20 years, gain $1250, tax paid $1850, 150% of the gain.

This is why you should never bring a girl back to Australia.

@robbierocket7 @SkyNewsAust *excessive or punitive tax Your comment reflects that of a parasite, a failure or some combination of the two.

@SkyNewsAust so a guy whose company, It's Simple Finance, has an estimated annual revenue of roughly AUD $1.2 million and a business valuation around AUD $3.9 million (according to one data aggregator) is complaining about having to pay tax? you really need to try harder

The Albanese government has been trolled by a business founder who bought 18 inescapable billboards at Canberra Airport protesting Labor’s capital gains tax grab. skynews.com.au/australia-news…

Income from labour involves no capital risk. When you are employee, you get sick leave, other government mandated leaves such as long service leave. Even if working casually, you get compensated via casual loading. The pay comes every 2 weeks like clockwork. When one invests, there’s no sick leave, no long service leave, and no guaranteed paycheck. You can lose your entire capital. Saying both types of income are the same is ignoring these key differences. Trying to make them the same will inevitably result in less capital investment and eventually fewer jobs.

@Peter_Fitz You are free to pretend to be an intelligent moral fair minded and sophisticated individual to your hearts content, however were you to insist and demand that others believe such obvious nonsense, and change their actions accordingly, then that becomes their business.

If a man wishes to transition to being a woman, what DO you care, Scott? How is it any of our business?

@chrisbrycki tax you pay on it it depended on a number that the government lies about (the rate of inflation). This is what treating labour the same as capital would look like.

@chrisbrycki Imagine working for 10 hours where your expected value of your work to total $300. However your actual pay could be $0 or considerably higher, you may have to wait years before receiving your pay and when you do it is taxed at a minimum of 30% or as high as 47% and how much… /2

"Flogging Labor’s budget this week, Albanese said that his proposed new minimum 30 per cent tax on capital gains is “fair” because it matches what the majority of workers pay on their income. For Chalmers, “one of the big principles in the budget is to try and better align the way that we tax people who work with people who earn their income in other legitimate ways”. The other legitimate ways involve capital. One of the hoariest myths in the socialist lexicon is that it’s “fair” to tax income from labour just the same as income from capital. This has its roots in the kind of class warfare and ideology we all thought had disappeared when the Berlin Wall fell. We had all hoped that while Albanese may have felt safe in telling the 1991 ALP national conference in a debate on inheritance tax that “accumulated income in the form of capital is for all socialists at least part of the source of many social injustices”, he had learned a bit more about the real world since then. Sadly, no. Neither Albanese nor Chalmers have learnt the lessons that a few years in the private sector, or a few years running a small business, might have taught them. Either they do not understand the difference between capital and income, or they are being deliberately duplicitous by ignoring the differences." credit @jkalbrechtsen

@IanBatchelor11 @DaveSharma tax you pay on it it depended on a number that the government lies about (the rate of inflation). This is what treating labour the same as capital would look like.

Under Labor’s new tax: — You can walk into a casino, come out $1000 ahead, and pay $0 tax — but if you make $1000 on shares/ETFs, you will pay $300-470 in tax — if you build & sell a business, the ATO now takes 30-47% of your gain Gambling is tax-free. Investing is punished.

@Gazz23 @DaveSharma Also often countless hours are overlooked either building a hard asset/business or researching investments. Without the hope of a decent payoff at the end people will not take the risk etc to invest. These investments flows build the economy and provide jobs.

@Gazz23 @DaveSharma The person who invested had no guarantee of any positive returns, and in fact faced real risk of losses anywhere up to 100%. Also they will most likely have to tie up their after tax $ for years in order to receive the pay off. So a time value loss on the use of these funds 2/

Feel like this guy has waited his whole life to say this. Incredibly eloquent and accurate appraisal of the failure of Western elites.

The CGT debate is missing this simple solution. theaustralian.com.au/wealth/investi… “An argument often raised is that labour and capital should be taxed more similarly. That sounds politically appealing, but it ignores some important economic realities. First, investing involves risk and time in a way ordinary wage income doesn’t. Investors are putting already taxed savings at risk and there is no guaranteed return, no minimum wage, no sick leave, and very often significant losses. Second, economies rely on people willing to defer consumption and commit capital towards businesses, housing and innovation. If the after-tax reward for taking long-term risks falls too far, less capital gets invested and more gets consumed, parked in lowerproductivity assets such as cash or moved offshore. Third, capital is mobile globally. Entrepreneurs and investors can choose where to build companies and allocate capital. If Australia taxes long-term investment much more heavily than comparable countries, over time that risks pushing investment, businesses and talented workers elsewhere.”

This is so incredibly good: Economist Joseph Schumpeter warned that capitalism weakens when prosperous societies become so comfortable they forget where prosperity came from – and begin resenting the entrepreneurial class that created it. A country might survive high taxes for periods of time. What becomes dangerous is something deeper: the moral suspicion of ambition itself. The creeping belief that commercial success is inherently exploitative, that profit is morally dubious, or that founders should quietly accept punishment for surviving years of uncertainty. Prime Minister Anthony Albanese and Treasurer Jim Chalmers should think carefully about the signals embedded in this budget. Tax policy communicates values. This budget signals that founders are not viewed as partners in national prosperity, but simply reservoirs of revenue whose success is viewed with suspicion... Civilisation advances because some people are willing to bet on tomorrow before tomorrow exists. Australia should be doing everything possible to encourage those people to build businesses here. Because once a society begins treating ambition as something suspect rather than admirable, it eventually discovers that no nation can remain prosperous after teaching its most ambitious people that they are unwelcome. afr.com/politics/feder…

@r3tarddownunder @PeterHintonQEH @Peter_Fitz @AshPolitik One is not quite as gay and the other not quite as cucked.

Which Labor shill is the biggest retard? @Peter_Fitz or @AshPolitik

CBS News said there was no evidence of fraud. The NYT said the Somali community was being targeted CNN said there was "little evidence." Tim Walz said it was “white supremacy” to expose fraud Today: $90M busted and 15 charged. IT WAS ALL FRAUD AND THEY KNEW.