Bite Sized Man

My views and rants on money, tech, women and politics🌎 GA pilot🛩️, dog lover🐕, surfer🏄‍♂️

[Bite Sized Man @BiteSizedMan]

@piersmorgan @Keir_Starmer his igorance of rape gangs in Britain will eventually catch up with him and prison awaits !

[Bite Sized Man @BiteSizedMan]

@piersmorgan Israel is cancer

[Bite Sized Man @BiteSizedMan]

@JEChalmers Why only half ???

[Old Soldier @OMGTheMess]

Ok let’s fix the CGT mess

Dump the entire policy. Apply it only to investors with more than two properties.

[Bite Sized Man @BiteSizedMan]

@MarioNawfal Israel is cancer!

[Bite Sized Man @BiteSizedMan]

That's you @AlboMP

[Buntz#23..👊👊👊 @Bergermeister23]

Australian Labor Party,

Don't know what a woman is

Dont know what a terrorist is

Don't know what NDIS fraud is

Don't know what mortgage stress is

Don't know what a housing shortage is

Don't know what reliable energy is

Haven't a clue what a border is

They're useless.

[Bite Sized Man @BiteSizedMan]

@GeoffWilsonWAM @Batman2242 same in Singapore

[Bite Sized Man @BiteSizedMan]

@australian Fucking ridiculous! Spend more money on valuers to pay even more tax on disposal ! Labor is cancer on our society !

[Bite Sized Man @BiteSizedMan]

@ALeighMP I'm a working Australian and my taxes have been and will be going up considerably with these changes so STFU and stop the gaslighting slop!

[Bite Sized Man @BiteSizedMan]

@AngusTaylorMP I suggest you publicly debunk each and every use case where Labor's CGT changes apply and how much worse off people will be. Unless it hits home people won't realise and keep blindly voting Labor

[Bite Sized Man @BiteSizedMan]

@ajamesbragg It is also how he is gaslighting the public that's concerning ! Labor are cooked !

[Bite Sized Man @BiteSizedMan]

@JEChalmers oh NOW you realised that ??? What about everything else this CGT is going to fuck up ?!? When will YOU realise THAT ???

[Bite Sized Man @BiteSizedMan]

@JEChalmers Stop proposed CGT changes on investors Jim!!!!!!!

[Bite Sized Man @BiteSizedMan]

@OMGTheMess Or a foreign investor !

[Bite Sized Man @BiteSizedMan]

@tonytardio The problem is investors will lose the discount and capital will move out of Australia, that's what he needs to revert also !

[Bite Sized Man @BiteSizedMan]

@JEChalmers Don't cut CGT discount on shares ! This is the quickest and most certain way of pushing investment and capital out of Australia! It's not a loss of face if you change your mind it's a sign of strength and character

[Bite Sized Man @BiteSizedMan]

@macsween_prue @RitaPanahi @SkyNewsAust @AustralianLabor @AlboMP @JEChalmers @whatlouthinks Unless they drop these CGT changes for everyone except house investors it is not good enough !

[Chris Brycki @chrisbrycki]

I've just read the proposed startup carve outs here (https://t.co/Y7q3qe3YRx) and it raises more questions than it answers.

If the Government's own solution to the damage caused by these tax changes is to exempt certain companies, that's already a sign the policy has serious problems.

Putting aside the enormous damage that will still be caused by the 30% minimum tax and indexation changes for every other investor, this carve out consultation is full of unanswered questions:

- What happens if a startup is acquired after four years rather than five? It seems the Government only wants to support success if it happens after an arbitrary holding period which is now longer than the current 3 year employee share scheme concession.

- What happens to employee shares issued while a company was under 10 years old, but the company is over 10 years old on 30 June 2027? The consultation paper suggests they wont be eligible. Why not?

- Why should a software company receive relief from a near 47% tax because it qualifies for the R&D Tax Incentive, while a healthcare, agricultural or professional services business doesn't? Apparently some entrepreneurs are more equal than others.

- Once a shareholding exceeds $10 million, the concession disappears and they're back to facing tax rates approaching 47%. That's effectively telling entrepreneurs: build a successful business, but just not too successful. It's a strange message for a country that says it wants more innovation, investment and ambition. The consultation paper points to international precedents, yet the proposal falls well short of global benchmarks. In the U.S. the QSBS regime can reduce the effective tax rate on qualifying startup gains to around half of what an Australian founder could face under these rules!

If you're an ambitious founder trying to build the next Canva, Atlassian or a business worth $100 million or $1 billion, the message remains that Australia doesn't want to back you all the way through the journey. These carve outs tell Australians to dream small...

During the Senate inquiry we heard several non-founders claim that founders don't think about tax settings.

Of course they do!

Founders have to leave stable jobs, often invest their own savings, sell or mortgage their homes, take enormous risks and spend years with no guarantee of success. Tax settings are part of that opportunity cost calculation.

The most ambitious founders create most of the jobs, build globally competitive businesses and ultimately generate substantial tax revenue for Australia. If the incentives aren't right, many simply won't build those businesses here.

The more carve outs, exemptions and special rules that get added, the clearer it becomes that this policy is being designed on the run.