Australian start-up founders' CGT tax revolt: Self-interest disguised as national crisis
By
Tim Doyle, Jae Lubberink
Summary
The article argues that the backlash from Australian start-up founders against capital gains tax reform is overblown and self-interested. It notes that after a Senate inquiry, the government agreed to maintain the 50% CGT discount for innovative start-ups, capped at $10 million per person, despite the sector's dramatic protests and threats to relocate overseas.
Source
Twitter / XAustralian start-up founders' CGT tax revolt: Self-interest disguised as national crisisafr.comKey quotes
· 3 pulledSince the budget, the start-up sector has been in open revolt.
Eulogies for Australian ambition have been penned, threats issued to flee and incorporate in New Zealand and Singapore, and heroic LinkedIn thought leadership posted, casting the founder's tax bill as a national emergency.
Founders are the wrong martyrs in the fight against the changes to capital gains tax. Most of the backlash is just self-interest in a superhero cape.
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