‘Significant negative impact’: Innovation groups speak out on super tax
The Tech Council of Australia and the Australian Investment Council warn the proposed tax will hurt startup funding and work against the productivity agenda.
Australia’s two main tech and investment advocacy groups have spoken out on the government’s proposal to tax unrealised gains on superannuation balances of over $3 million, arguing the policy will have a “significant negative impact” on early-stage investment.
Top Australian venture capitalists, angel investors and tax experts have been increasingly vocal in their criticisms of the proposal, calling it “bad policy” and a “bizarre contradiction”.
However, neither the Australian Investment Council nor the Tech Council of Australia — both of which position themselves as champions of innovation and investment policy — made a submission to the Senate inquiry into the proposed changes.
When approached by Capital Brief, both groups acknowledged that the changes would impact investment in early-stage startups.
