On Thursday, Prime Minister Anthony Albanese announced major exemptions to proposed capital gains tax increases following weeks of mounting pressure from industry groups.
The government will now raise the small business tax concession threshold from $2 million to $10 million and create specific carve-outs for innovative startups. These changes aim to protect farmers and tech founders who argued the original budget plan would stifle investment and trigger a talent exodus. While many business sectors welcomed the relief, critics argue the piecemeal retreats show the government’s overall tax strategy is disorganized and damaging to economic risk-taking.
A Senate inquiry is currently reviewing the modified legislation before it heads to a final vote in the coming weeks.
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