CGT Changes and small business - why is this so upsetting?
For context, i'm a business owner in the financial services sector. Business valuation around $1m, hoping for it to be worth $5m in about 5-7 years.
We get taxed on wages we earn, why is it upsetting people that we're getting taxed equally on the profits we make from selling our asset?
I see the argument that we put blood, sweat and tears into our business. Took risk, gone weeks/months without pay - i have been there too. The fact is this is a tax on gains. If you're getting taxed, it means you have made money. If you're taxed 47%, it means you have made alot of money. There are still ways around this with the right tax or sale structure and if part of a sale is an active asset, speak to your accountant.
I know they've changed the goal posts. That said, I think broadly this will do more good for the average Australian then harm. How would you change it?