Owen
3.2K posts
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.
Anthony Albanese is leaning towards offering only “narrow” concessions to his new capital gains tax regime for start-ups in the tech sector, as business groups and some Labor MPs push for broader compromises to protect entrepreneurs across the economy from being hit with punitive tax bills. Greg Brown and Brad Thompson have more: bit.ly/4utHkdU
Gina Rinehart says the Albanese government’s capital gains tax changes will ultimately hurt the federal budget bottom line as mining and other business investment moves offshore. Mrs Rinehart said the tax changes were ill considered and left wage earners facing a double whammy if they chose to invest in mining to boost their wealth in what was already one of the highest taxing jurisdictions in the world. Australia's richest person spoke out as her early stage investment in Arafura Rare Earths appears set to deliver a new mine near Alice Springs, and help Australia and its allies loosen China's grip on critical minerals supply chains. “These CGT changes will make it even harder for junior and medium explorers to raise the money needed to search for and develop new projects,” she told The Australian. “Smaller and medium mining companies rely heavily on investors willing to back high-risk exploration years before there is any return. If you reduce the incentive and ability for people to invest, you reduce future discoveries, future mines, future jobs, future revenue and future growth for Australia at a time when our country sure needs it. “Additionally, what is also being missed in the CGT increase is that people are investing money they have already paid tax on through PAYG and other taxes, and yet any profits they make on that reinvestment is now going to be subject to even higher taxes.” Her comments came as Wesfarmers chair and fellow West Australian Michael Chaney gave his qualified support to the tax changes. “(The) capital gains tax concession and negative gearing have been prime factors in house prices being as high as they are in Australia, which is completely out of kilter with most similar sized economies – and so I think change was inevitable,” he said. “The problem is that we need wholesale, not piecemeal, tax reform that includes lowering personal and corporate tax rates.” Mrs Rinehart said other countries were competing hard for investment yet Labor’s tax changes compounded other unhelpful policy settings in Australia. “Unfortunately, the proposed changes to capital gains tax don’t recognise how widespread their effect is, given CGT was initially brought in in 1985, affecting all assets and projects since,” she said. theaustralian.com.au/business/minin…
Auction results - Sold To Listed - Sydney 27.5% (28.0% last weekend) - Melbourne 39.4% (38.2%) Sydney plummets to a new all time low since my records began in 2018 (ex-public holidays and Xmas season) A ridiculous 48.4% of results unreported, which might be an all time high outside of holiday impacted periods. This could still theoretically boost the result come SQM's release on Tuesday. SQM's data this week confirmed the weakness seen in my data last weekend, with the weakest result since the absolute height of Covid (ex-public holidays and Xmas). Melbourne on the other hand mounting something of a fight back, up 3 percentage points from its recent lows, but still 10 percentage points down from where it was at the end of February. This may be partially due to Melbourne being theoretically less exposed to negatively geared investor demand compared with Sydney, possessing the highest rental yields of the mainland state capitals. Overall both markets remain profoundly weak and highly vulnerable to a further reduction in demand stemming from the changes to the federal budget. #AvidAuctions
But they have never worked a day in the private sector; never started a business; built a new product or service; hired a single soul from their hip pocket; or struggled for years, always at risk of going under… What we are seeing is the lid being lifted on those who have always lived completely taxpayer-funded lives trying to take and tax as much as possible to feather the public sector nest. They have never known what it is like to draw a private wage and/or profit. They think it is a zero sum game: any private income, profit or capital gain needs to be redistributed back to government and its dependents. It is the only way they know how to make money: by taxing private citizens and corporations to fund the public oligarchy and its way of life…
Violent bullying against flotilla anarchists at the airport in Spain cannot go unanswered. The Spanish Ambassador must be summoned to explain these hostile actions. We need accountability now.
