Accounting 101 with Dr Jim Chalmers Good morning children. It's Dr Jim here. Today we're going to do a little lesson in CGT accounting. I want you to compare your expected inflation corrected CGT (left) with the existing 50% CGT discount (right). Any questions? No. Go to it... @JEChalmers

And that's the AFR table, simplified. It shows the current systems aligns labour and capital rates: the new CGT system, the average rate across income brackets is 50%, and 92% increase on the current system! Appalling. Circulate widely please.

Every Australian who owns shares, runs a business, invests for retirement or hopes to build wealth should be paying attention. It’s about the future of investment, productivity and aspiration in Australia. Sign the petition.👇 #CGT #auspol wilsonassetmanagement.com.au…

Please stand with us against changes to CGT. These changes go beyond property, impacting shares, businesses, family farms and retirement savings. Higher taxes on risk-taking mean less investment, fewer businesses and slower growth. Sign the petition: wilsonassetmanagement.com.au…

If we take the JP Morgan US research over 100 years, that 60% of shares go down, the following table is what Jim's CGT indexation model tax rates are, increase versus current system. Just awful to be honest; I don't even want to think about investing if that's the future:

And for good measure, AFR has just posted a second article. Can i ask you all to distrubute this article far and wide. afr.com/politics/federal/hid…

Top possible capital gains tax rates on various assets held for 1 year or more by nation. Due to the fact that Canada and the U.S can impose state/province level capital gains tax, this chart uses an average for each nation. Full write up coming over the weekend.

The CGT changes are Albo's WorkChoices moment, politically untenable. If anything we should move the other way with a flat 20% CGT to encourage investment, encourage entrepreneurs from around the world to build businesses here, and encourage capital to flow into Australia. theaustralian.com.au/busines…

We must stop this from happening. The new CGT regime is a direct attack on Australian entrepreneurs, small business owners and young Australians trying to build wealth. Build a successful company in Australia and the government now wants to take nearly half. This is anti-aspiration, anti-investment and anti-productivity.”

If this is all about housing for young people then why are all our other assets being included such as shares , commercial property , industrial property what’s that got to do with housing ?

Where will ambitious, high growth Aussie businesses/investors move to once Labor's doubling of the capital gains tax rate from 23.5% to 46-47% on all assets/businesses come into play? This is what ChatGPT offered...

Is Aussie capitalism morphing into stealthy sunburnt socialism? Back in 2007, just 2% of Aussie workers paid the top 45–47% marginal income tax rate. Within five years, that share is projected to explode to around 1 in 10. And even assuming only modest 2.5% annual income growth, bracket creep will drag more than 1 in 5 workers into the top marginal tax bracket within 15–20 years. If inflation and wages keep running hotter than 2.5%, that timeline compresses fast. This is not an accident. It is the inevitable consequence of a vastly larger state needing much more revenue. Monster tax increases — including proposals to double the tax on small business and company valuation (or capital) gains when owners sell — are being foisted on taxpayers to bankroll a gigantic expansion in government spending and publicly funded employment. Since 2007, the publicly funded share of total Aussie jobs has surged from 23.7% to 32.0% — a 35% relative increase. At the same time, the number of publicly funded workers per person has exploded by 45%, rising from 120 to 174 per 1,000 Australians between 2007 and 2025. On some measures, Australia now has more publicly funded workers per person than any other country in the OECD. The flipside is brutal: small businesses and private companies are being crowded out. The private sector’s share of total jobs has shrunk from 76.3% in 2007 to 68.0% last year. Higher taxes. Bigger government. A smaller private economy. Stealthy socialism. A higher cost of living. And declining productivity, income-per-capita and living standards as a consequence.

While doubling capital gains tax to levels that are multiples the CGT paid in other countries to make Australia the worst place in the world to set up a business that employs loads of people who also participate in the profits of that business - the single most productivity destroying policy you could imagine. And we are raising all these taxes that you promised not to touch 12mths ago because government has a horrific addiction to spending and wasting taxpayers’ hard-earned cash - if we cut your spending back to 2007 levels, slashed the NDIS, and sold the NBN, we could radically reduce taxes…

You and your team start, and work in, a business. You put $250k in to get it to break-even. After a decade of blood, sweat and tears, your business is worth say $5 million. Under Labor's proposal to effectively double capital gains tax by indexing it to inflation, you would see a 96% increase in the tax you would otherwise pay today. You would pay more tax in Australia than if you set up *three* of these $250k businesses in Canada, NZ and the UK, and them sold them for $15m in total. And we were told by the government more than 50 times before the election that they would not touch CGT or negative gearing. Check out this table summary of the change in total CGT paid @GeoffWilsonWAM

It's time to Build Australia™

One of the biggest tax changes in decades will be announced in next week’s Federal Budget. The widely expected CGT changes won’t just affect wealthy investors or property owners... they affect anyone trying to build long term wealth through shares, investment property or building a business. To help Australians understand the potential impact, we’ve built a CGT calculator that estimates how much better or worse off people could be under the proposed rules: stockspot.com.au/cgt-calcula… A few examples from the calculator: • An ETF investor growing $100k over 10 years could end up with around $26k less after tax • A property investor could lose more than $50k in after tax wealth • A founder building and selling a business for $1m could lose more than $225k If you materially reduce the after-tax reward for taking long term risks, fewer people will invest in businesses and productive assets. Over time that means less investment and innovation, fewer startups, lower productivity growth and ultimately fewer jobs in Australia. I discussed this in The Australian last week. theaustralian.com.au/wealth/… Instead, more money gets pushed into the family home, super or cash sitting in the bank. That’s why entrepreneurs and business leaders including @PaulBassat, @GeoffWilsonWAM, @leighjasper, @matt_barrie, @lux_schwab, @lukeanear, @Bron_LeGrice, @MJBiercuk and @craigRblair have all raised concerns about the broader economic consequences these changes could create. We thought if people could properly quantify what these changes might cost them over time, it would make the broader economic impact much harder to ignore. The calculator is designed to help Australians model different scenarios before any final rules are announced: stockspot.com.au/cgt-calcula…

Can you believe these people?

No, it stands for English civilisation winning. You stand for putting treacherous lawyers who collaborate with criminals in charge of lawfare against the SAS. A future regime will jail your mate Hermer and RICO through your network RETWEET IF AGREE

What's especially cool is that the flagellar motor exploits the indivisibility of 5 by 2 to run on a fuel of rising entropy as protons diffuse into cells. For me as a physics and math person, this is biology at its best. quantamagazine.org/what-phys…

THIS IS HUGE The European Union just released its new AI model, Clause I'm hearing that it's 10x more powerful and 1,000x more compliant than Claude