@TheKouk Kouk why are you defending this? I know you’re a Labor Lackey. But the gross mismanagement of funds by governments results in them stinging the middle class even more. Where’s the common sense?
@ZssBecker@waleswoosh Shit advice. No one has 500k-million. They have 50-100k and are using it to leverage a 500-1million dollar home. Get with the times
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