gm

@PeterOfPerth @JimThom90458694 Don’t they sit around a table and play devils advocate before making these decisions?

@genericmicrobe @JimThom90458694 Yep. Now everyone needs to change their will to a fixed trust which then means the assets are exposed to creditors. Seriously this govt are a bunch of mindless wankers.

The Albanese government will introduce a minimum 30% tax on income from Testamentary Discretionary Trusts from 1 July 2028. These trusts are commonly used in wills to distribute inherited wealth to family members in a tax-effective way and protect assets from divorce, bankruptcy, and legal disputes. Testamentary Fixed Trusts are excluded and will keep their concessional tax treatment. The difference is that discretionary trusts let trustees change how income is split, while fixed trusts lock in each beneficiary’s share. Estate planning expert Rachel Rofe called it a “death duty by any other name” and said there was no prior warning. When confronted by Today Show host Sarah Abo about breaking promises and potentially introducing a death tax, PM Anthony Albanese denied it, saying: “No. These are the positions that we're put in, Sarah.” The Albanese government will introduce a minimum 30% tax on income from Testamentary Discretionary Trusts from 1 July 2028. These trusts are commonly used in wills to distribute inherited wealth to family members in a tax-effective way and protect assets from divorce, bankruptcy, and legal disputes.

@PeterOfPerth @JimThom90458694 Yep I have that set up so my young children don’t get a relatively large amount when young and unable to deal with it (imagine getting a mill or so when say 18!! ) . This government have either no morals or no brains… or worse neither

@JimThom90458694 Many testamentary trusts use the income generated to help with the education and healthcare of child beneficiaries. That help is now 30% less. What evil bastard taxes a child’s education and healthcare.

@ausstockchick Yeah it’s the sleepless nights that hit the hardest. Wish I had a dollar for every one of those over 30 years in business lol

Does anyone have Albo’s number to help this guy out? #auspol

@AshPolitik And in an even lower layer resides career posters according to Dante

Wait to you hear about career journalists.

@TheKouk Why would anyone find that share price a good thing to use as an argument… tall poppy syndrome to prove you’ve become an Aussie maybe?🤔

Certainly better than investing in Mr Barrie's flagship company Freelancer - down over 90% from the peak a decade ago. From $2 to 14 cents

@AshPolitik What about inflation rates? Why did u miss that out?

Unemployment. AU 4.1% NZ 5.1% GDP: AU 2.6% NZ 1.3% GPD per Capita AU $101k NZ $77K Wages Growth: AU 3% NZ 2%

@linzcom Who really believes cpi figures?

One last note on the CGT indexation is that if CPI falls, you will pay greater than 47%

@GusLefty @AussieNick24 @SkyNewsAust How is it bs?

@AussieNick24 @SkyNewsAust bullshit

Anthony Albanese has been relentlessly mocked by startup founders with AI-generated images of him as their new silent partner, joking he now owns a 47 per cent stake in their business under Labor’s capital gains tax grab. skynews.com.au/australia-news…

@angelar68197975 Yes, but when you change you call an election. Easy and honest

Why has changing your mind when facts change for the betterment of the many — A bad thing In the past,taxes favoured the wealthy The discount was first intended for stock markets, then it crashed & went into properties

@carolemorrissey Best thing about it is next election debate Albo doesn’t get to say anything as it’s all meaningless lies anyway, that’s a win for all👍

Oh fuck off Coorey it isn't a 'dark sense of betrayal'. No one in the real world is affected or gives a fuck. If it benefits people they don't care about a 'broken election promise' or a 'lie'. 😠😠😠 #insiders

@AshPolitik Which bit of 47% is lower than any of those?

Basic research, Google, your local ai bot will refute any right whinger outrage "Australia has the highest CGT in the world" yeah nah! California: 37.1% NYC: 38.6% Denmark: 42% Australia's new floor: 30% Cope harder.

@PubPoliticsAU @cjoye Because the capital gain is made over many years, lumping them all into the one year that you sell distorts the marginal rate and taking nearly 50% is criminal regardless

This is wild. A small business would only pay CGT when doing things like selling the business or disposing of a business asset. To pretend this is going to effect the day to day income and profits of a small business needs to stop. The government is not taking 50% of the profits of your small businesses. You pay the standard income and business tax like everyone else. You sell the business, you get a capital gain, You pay tax on that income! Why should you get a 50% discount when no one else does... Its time to get fair and on a level playing field with the rest of the country.

Labor’s new capital gains tax of up to 46% to 47%, which is far and away the highest in the world, hammers all businesses, including small companies, harder the more successful they become. By applying the most expensive CGT regime in the world, Labor is taking almost half of the upside of any successful firm, encouraging owners and executives who own shares in the business to look at relocating overseas. The question, however, is how many small businesses will actually pay this tax in practice. We prepared the following simulation to highlight the impact. We took the long-term 20 year returns from Cambridge Associates for smaller venture capital companies, which grow by 12.2% pa. We adopted the ASX equity market volatility of 15% pa, which would understate the true volatility of small firms (and thus lead to a lower proportion of very high growth companies paying 46-47% tax in our analysis). We then ran a simulation to estimate the proportion of businesses paying CGT of more than 40%. We find that within 10 years more than half of all Aussie small businesses will be hammered by CGT over 40%, which rises to 78% of all small businesses by 20 years... By giving Australia the most uncompetitive business valuation tax in the world, this policy will crush innovation, entrepreneurship, spending, productivity, growth and our global competitiveness. We already have among the lowest productivity growth rates in the world: by reducing productivity further, we could raise the cost of living, inflation, and interest rates.

@LNPvoterfail @JimChalmers So spouses can’t share the profit of the family business but stand to lose their house if it fails.. hmmm

Personal trust funds should not exist. They are tax evasion for the rich. @jimchalmers #auspol

@ben_nexhip @missrobinson Can citizens take that option?

@missrobinson Yeah Angus fucked this one up. He’s a moron. If they can’t get benefits, then they shouldn’t have to pay tax

So the Liberal policy is to deny tax-paying permanent residents access to health care or unemployment benefits if they get sick/are made redundant?

@TomisCrowley @parnellpalme Let’s face it, it’s a zero sum game for tax payers when the government can’t control spending and waste

@parnellpalme Indeed! As I mention in the article, this can be correctly viewed as both a cost to the budget and to taxpayers.

Friday arvo scoop to cap off budget week: Coalition policy could cost billions more than first suggested over first four years and was not formally costed abc.net.au/news/2026-05-1…

@TomisCrowley Every dollar “spent” by indexing tax brackets is currently paid for by tax payers anyway. Rejecting it is just saying “we can’t be fiscally responsible” … which lets face it is labors way

@BConn39 To be fair, Albo didn’t know how much his $275 lower power bills would increase everyone’s power bills

Bloody hell, he doesn’t even know how much his tax plan will cost.

@toy59496 Tvn

Which two companies would you put all your wealth? x.com/toy59496/statu… So far the collection is as follows, I'll now go away and do a deep dive.

@Potstirrer111 Isn’t that hate speech?

Hi, the current laws won’t let me kick out the tenants and jack up rents, please advise me how I can illegally get around this. Burn the landlords to the ground.

@TMFScottP How’s the next election going to go? No point asking albo anything as the answers are meaningless … just mute him during the debate😂

Only a politician (and political spinner) would consider this phrasing defensible.