SandonCapital

Sandon Capital is an activist investment firm. We devise and implement strategies that seek to unlock value in companies held in our investment portfolios.

[Geoff Wilson @GeoffWilsonWAM]

This isn’t fairness. It’s a declaration of war on every Australian investor, the young, the entrepreneur and the retirees. Pure economic vandalism. @JEChalmers just got owned defending the @ausgov CGT heist: Shares ‘undercompensated’ even with the 50% discount, so ditch it for inflation indexation + a 30% tax floor on real gains? Jim, your ‘modelling’ is just staring at the past while you drive investment off a cliff. #ScrapTheCGTHeist
#AussieBattler #AussieDreamKiller #LaborTaxRaid

[Chris Brycki @chrisbrycki]

Treasury’s CGT modelling appears heavily dependent on assuming Australian shares only deliver ~4.3%-4.4% capital growth p.a., which seems to come from measuring the ASX/200 and All Odds over the last 20 years, a period the Treasurer keeps repeatedly describing as evidence that shares were supposedly “undertaxed” or “undercompensated” - including in this interview with @BilliFitzSimons

But the only circumstance where inflation indexation actually benefits investors relative to the current 50% CGT discount is where inflation makes up more than 50% of total capital returns. That’s generally only true when capital growth itself is unusually low or it’s a market where a very high portion of the total return is paid in dividends (like Australian large caps). That’s not how most younger Australians invest today!

Most younger investors build globally diversified ETF portfolios with significant global share market exposure. Across Stockspot clients, around 50% of share market exposure is global. As one example, Stockspot’s most popular diversified portfolio (Topaz), delivered 7.3% annual capital growth over the 10 years to the end of April 2026, despite having around 22% in defensive assets like bonds and gold.

That massively changes the outcome under the proposed CGT system.
Using:
• $20k invested
• 10 year holding period
• 2.5% inflation
• 30% tax rate

At Treasury’s apparent 4.3% growth assumption:
> current 50% discount tax = $1,571
> proposed new tax = $3,141

But at a more realistic globally diversified 7.3% growth assumption:
> current 50% discount tax = $3,069
> proposed new tax = $6,138

i.e. the extra tax drag roughly doubles. You can use this CGT calculator to see this https://t.co/WFVQzYuMnt

That’s because the proposed inflation indexation plus 30% minimum tax model becomes increasingly punitive as long term capital growth rises. The higher the long term growth rate, the larger the portion of gains exceeding inflation, and the larger the compounding tax drag becomes over time. Which raises an important question... if the modelling omits global shares and other higher capital growth assets like crypto that younger Australians increasingly invest in, are the published examples materially understating the long term tax impact and presenting outcomes that aren’t representative of how people actually invest today?

[SandonCapital @SandonCapital]

@mrjoeaston writing in @FinancialReview has called out directors, @ASX and the @AICDirectors

[SandonCapital @SandonCapital]

Like watching a pair of spotted hyenas casing a snuggle of tree sloths https://t.co/sI4xxOxtXG

[SandonCapital @SandonCapital]

Like watching a pair of spotted hyenas casing a snuggle of tree sloths https://t.co/sI4xxOxtXG

[SandonCapital @SandonCapital]

So shareholders can count on the @FinancialReview to have their backs - thank you

ASIC (@asicmedia) are taking an interest - thank you

And yet @ASX is dragging its feet

What will it take for them to do the right thing?

Ps I wonder what @AICDirectors makes of this?

[SandonCapital @SandonCapital]

Seven West merger and James Hardie test ASX rulebook and expose erosion of shareholder investor rights https://t.co/z1QDbY0Ext

[SandonCapital @SandonCapital]

Seven West merger and James Hardie test ASX rulebook and expose erosion of shareholder investor rights https://t.co/z1QDbY0Ext

[SandonCapital @SandonCapital]

@ruethewhirl551 @FredWoollard @OneMoreif @sandoncapital voted in favour of all resolutions - we think the board and management have done well

[rue @ruethewhirl551]

$kar.ax Week of the AGM coming up and crickets from STAM and Sandon this year. Can only assume they’re… happy? Thought we might get to see some heads roll 😴 @FredWoollard @SandonCapital @OneMoreif

[Geoff Wilson @GeoffWilsonWAM]

All Australian must stop the tax on unrealised gains. It is bad policy, unfair and illogical. It will negatively impact all Australians no matter who wins the election tomorrow. We must keep fighting for sanity and to block this legislation in the @AuSenate. @WilsonAssetMgmt will keep fighting for you all.

[Geoff Wilson @GeoffWilsonWAM]

Read about the illogical tax on unrealised gains proposed by @AustralianLabor “Spain is one of just three countries in the world with such a tax. Other countries ditched it because it reduces the investment environment to a low-risk and unproductive area while punishing people who are asset-rich but cash-poor.”#Election2025 https://t.co/5jfgi6zdMm

[Geoff Wilson @GeoffWilsonWAM]

A fellow Australian explains how to cope with @AlboMP tax on unrealised gains “The best strategy is to cash in your super and buy a huge house, far larger than you need, for CGT free gains. Capitalise the interest. Enjoy retirement. Borrow against it for life expenses. Just more Labor poorly thought out policy. Not that Albo has to worry on his inflated pension at the cliff top in Copacabana” @WilsonAssetMgmt estimates $155 billion will go into housing because of @AustralianLabor’s tax on unrealised gains.

[Geoff Wilson @GeoffWilsonWAM]

Every Australian needs to vote against taxing unrealised gains. It’s an unfair illogical tax the @AustralianLabor @AlboMP @JEChalmers desperately want.
They don’t understand the significant unintended consequences of taxing profits before they are made. We estimate the negative impact on the economy of $94.5b and the legislation will result in $155b moving from SMSFs to purchase tax free homes (ppr). This legislation is a disaster
@CroweDM @smh #Election2025

[Geoff Wilson @GeoffWilsonWAM]

@BarcooJill @RonShamgar Gabriel @SandonCapital John @ClimeAM
Have spoken out publicly. The media come to @WilsonAssetMgmt as we fort hard for #franking in the 2019 federal election when @billshortenvcuc and Chris Bowen lost the unlosable election

[SandonCapital @SandonCapital]

The headline is about tax in unrealised gains but it also discusses the complete lack of any discussion of franking credit changes by any politicians.
If no-one asks about it, the risk is a new government sees franking as a tool for budget repair https://t.co/RhWvOyiKVO

[SandonCapital @SandonCapital]

@GeoffWilsonWAM @WilsonAssetMgmt @FutureGenInvest Ditto!
You creating Future Gen and bringing shareholders and fund managers together is more incredibly impressive!!

[SandonCapital @SandonCapital]

Thanks to @GeoffWilsonWAM, Caroline Gurney and the whole team at @WilsonAssetMgmt and @FutureGenInvest for the opportunity to come along. Thanks to shareholders for such a great turnout!

[FutureGenerationCo @FutureGenInvest]

Fantastic to see our shareholders at our first 2025 National Shareholder Presentation in Canberra today.

Thank you to @GeoffWilsonWAM, Gabriel Radzyminski @SandonCapital, Ben Bartlett @ReachOut_AUS, and our CEO, Caroline Gurney.

For future events: https://t.co/jcdthhbRV7

[FutureGenerationCo @FutureGenInvest]

Fantastic to see our shareholders at our first 2025 National Shareholder Presentation in Canberra today.

Thank you to @GeoffWilsonWAM, Gabriel Radzyminski @SandonCapital, Ben Bartlett @ReachOut_AUS, and our CEO, Caroline Gurney.

For future events: https://t.co/jcdthhbRV7

[Yellowbrick Investing @joinyellowbrick]

@East72Dynasty @DanielSLoeb1 @OSA_Rochester @UpslopeCapital @HarrisOakmark $COG.AX by Sandon Capital Activist Fund - @SandonCapital

[SandonCapital @SandonCapital]

#snc has released its May 24 NTA report

https://t.co/ErR4ydK8Iu

[SandonCapital @SandonCapital]

This is part of @USFederalGov plans to improve strategic supply of pharmaceuticals. @AustGovernment has the opportunity/obligation to do the same here. Medicine shortages will only get worse.