"The CGT changes replacing the 50% tax discount on profits with cost-base indexation, meaning tax on profits after inflation, and a minimum 30% tax rate were strongly opposed by some tech founders. Early stage startup companies with little cashflow often offer employees equity in the company, or stock options, in lieu of higher pay, while founders can be motivated to take risks with new ventures by a large potential payday when they sell their companies. Both could be affected by the CGT changes, the Tech Council of Australia warned."
"Tech entrepreneurs have mocked the government's capital gains tax changes by posting AI-generated photos of Anthony Albanese as their new founder and warning that increased taxes could push people away from working for new businesses or send startups overseas. Sign up for the Breaking News Australia email Tim Wilson, the shadow treasurer, warned of founder flight overseas. The cofounder of Boost Juice, Janine Allis, also warned that winding back CGT discounts would discourage innovative businesses."
"Startups and entrepreneurs may yet receive a carve-out in the federal government's planned changes to the CGT discount, with the prime minister saying he wanted to support innovation and the treasurer, Jim Chalmers, revealing that consultation was continuing with the sector. There is work to do to ensure Australia's startup community doesn't become collateral damage as a result of proposed changes, said the council's chief executive, Kate Cornick."
"A minor trend emerged among startup founders after budget night, with several posting AI-generated photos of Albanese in their offices. Julian Fayad with the PM in his AI-generated post He's having a great time with his new 47% equity, wrote Jacques Greeff, the founder of the communications app Kinso, who posted AI images of the prime minister in the office with his staff, coding their product and working with customers. With the tax changes, [the] incentive to grow a business is greatly reduced, b"
Proposed capital gains tax changes would replace the 50% discount on profits with cost-base indexation, taxing gains after inflation, and impose a minimum 30% tax rate. Some tech founders oppose the changes and have used AI-generated images of Anthony Albanese to mock the policy, warning that higher taxes could discourage people from working for new businesses or push startups overseas. The Tech Council of Australia warns that early-stage startups relying on equity incentives could be affected, and calls for safeguards to prevent collateral damage. The prime minister says support for innovation is a priority, while the treasurer says consultation with the sector is continuing, and a carve-out for startups remains possible.
Read at www.theguardian.com
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