Startup founders scramble for a seat at Chalmers’ table for talks over CGT carveout
Jim Chalmers has opened the door to negotiations with the startup sector over changes to CGT. The question now is who walks through it.
When Labor unveiled its sweeping changes to capital gains tax on Tuesday night, it was a case of ‘here we go again’ for many in the startup ecosystem.
For arguably the third time since the Albanese government came to power — following the fight over sophisticated investor thresholds and then the battle over taxing unrealised gains of assets held in high balance super funds — a major reform risks unintended consequences for the sector.
Treasurer Jim Chalmers has said the government will consult on impact of the CGT reforms, citing “the unique features of the tech and startup sector”.
But with many believing the Tech Council of Australia is more focused on the bigger end of the industry, multiple groups are now mobilising to ensure the little guy’s voice is heard.
