iTwittles
7.2K posts

iTwittles
@itwittles
Data and Analytics geek. Vegetarian turned hunter. RT ≠ Endorsement.






@SkyNewsAust Too late for the LNP, not fixable now Should have learned their lesson from Dutton’s strategy of furiously agreeing with Albo













You and your team start, and work in, a business. You put $250k in to get it to break-even. After a decade of blood, sweat and tears, your business is worth say $5 million. Under Labor's proposal to effectively double capital gains tax by indexing it to inflation, you would see a 96% increase in the tax you would otherwise pay today. You would pay more tax in Australia than if you set up *three* of these $250k businesses in Canada, NZ and the UK, and them sold them for $15m in total. And we were told by the government more than 50 times before the election that they would not touch CGT or negative gearing. Check out this table summary of the change in total CGT paid @GeoffWilsonWAM

The Archibald Prize is Australia’s most prestigious art prize. This is the winning entry 100 years ago vs the winning entry this year.








‘Blindsided’: Start-up anger grows over CGT changes afr.com/technology/bli… The government’s proposed massive doubling of capital gains tax will be a disaster for Australian innovation and venture. Tech founders and investors will leave Australia in droves. With the Aconex sale to Oracle for $1.6b, around $400m in tax was paid in Australia by the shareholders of Aconex. If I were paying double the current capital gains tax, I for one, would have stayed in Silicon Valley, rather than coming back to Australia to list Aconex on the ASX. On the sale to Oracle, I would have paid all my capital gains tax in the US, not Australia. Overtaxing capital gains in venture capital will simple force founders, entrepreneurs, execs and investors to leave Australia for lower tax countries such as the US. The whole country loses, with less investment, less innovation, less jobs, less wealth creation and ultimately less tax paid in Australia. This is what you get when you have a treasurer (and nearly 100% of the government) that has never taken the risk to start a company, or been anywhere near business in their life.


















