“A big thank you to my silent business partner Anthony,” Michelle, owner of Cocobel Beauty Salon, wrote on Facebook.
“We value silence. He will receive 47 percent of the profits without answering the phone, changing treatment beds, or giving Hydrafacials.”
An AI-generated photo of Michelle and Albanese was accompanied by a caption.
This is one of many memes touting the same “47% number.”.
The figure refers to changes to capital gains tax discounts introduced in last week’s federal budget.
Under the new measures, the 50% CGT discount will end, leaving business owners with the potential to pay 47% tax if they sell their company.
Finance Minister Jim Chalmers said the government would work to ensure start-ups and founders do the right thing and would leave open the possibility of exemptions from the rules.
“You’re a really important part of the economy, and in many ways you’re an expectation when it comes to dynamism and productivity, and we’re going to reflect that in our policies and recognize that,” Chalmers told parliament last week to the notional startup founders.
The backlash against police started in the tech industry, at least in memetic terms, but has spilled over into other small businesses.
‘It’s so unfair’: Boost Juice founder slams budget tax reform
“I’m going to risk my home, risk everything, and then work my hardest, risk everything, and be away from my family,” she said.
“Does that mean you end up making a profit and donating nearly half of it to the government?
“Oh my god, that’s so unfair. This doesn’t allow us to move forward or take the risks that we actually need to take.”
Negative gearing is limited to new builds and will no longer apply to existing properties purchased after 7:30pm on May 12th.
Both policies are commonly used for real estate, but capital gains tax discounts can be applied to most capital assets such as managed funds, while negative gearing can be applied to other income-producing assets such as shares.
Alice said she believed the changes would stifle entrepreneurial ambitions and turn investment away from global companies.
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