Will tax changes really kill small businesses?
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What's on the mind of the country's biggest, most influential and most innovative business leaders? You get to find out every Friday with me, Alan Coler, as I sit down with the people influencing the markets, the economy and the ideas shaping our world.
The housing supply situation is completely out of whack and if we don't act urgently about this, we will end up in a world where it doesn't matter how big the pie is, and how much your slice is, you won't have anywhere to eat it.
What are the implications of the government's budget tax changes?
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It's a stunt that's gone viral. Memes featuring an AI-generated prime minister having a 47% stake in small businesses. But what's the reality of the government's budget tax changes? Today we chat to a concerned small business owner and to an economist about what the tax changes mean for the wealth of Australians. I'm Sam Hawley on Gadigal land in Sydney. This is ABC News Daily.
The PM's trending as business owners flood social media with AI-generated memes depicting him as a co-owner of their companies.
Some of them are very flattering and I thank them for picking very nice photos of me.
Triggered by Labor's decision to scrap the 50% capital gains tax discount and replace it with a model index to inflation, sparking fears entrepreneurs will be taxed at the highest rate of 47% when they sell their business.
Hi, I'm Sasha Thurston and I own a very small business called Yoga Hub, a local yoga studio in Mount Hawthorne in Western Australia.
Sasha, as a small business owner, I'm sure you did not miss these memes that came out last week about the changes to the capital gains tax for business. Just tell me, what did you think when you saw them and the fact that they were saying that Anthony Albanese was apparently going to have 47% equity in your company.
Look, my feeling on it was I can see where it's coming from. My point of view is that I understand that we need to do something about generational inequity, particularly on housing. And I think most Australians genuinely support those measures. The thing that is confusing to me is that we've had this government speak a lot about moving into a productivity phase. And I feel as if they've sort of tacked on some tax measures that they want to sort of push through on the housing agenda that are pretty anti-small business.
Yeah, so do you know now how much extra tax, if any, you will pay because of these changes? Is it clear? Because this is all very confusing stuff, isn't it?
Look, I am unclear. I just really can't understand it. I keep hearing that because my business is a very small business that it's not going to affect me but I will still fall under the changes to the family trust structure because I have a trust which I direct some of my income to it. I'm the only person that I distribute to from my trust and And I will now lose my tax-free threshold through the trust. So it's going to affect me either way that I do it.
But it must be a real worry because as a small business I'm gathering, it's not easy to set these businesses up and it's not easy. to then make a profit or make money from them?
Well, with my own business, I had to tip all my own money in to start it. And the first year that I ran it, I was working around 60 hours a week. And that year I made $8,000. And the second year I made a little bit more. And then the third year I needed to terminate a partnership I was in. And that year I lost $17,000. So I worked for three entire years taking on all of the risk and putting in all my own money before I started to make a modest income. And like many small business owners, we are literally just buying ourselves a job. So it's really disappointing to me, particularly at the time when I'm getting close to wanting to move into a softer life and not work so hard. So probably not retirement, but something that looks like a
that I'm not going to be able to profit in the same way from all of the efforts that I've put in over the last 12 years.
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