Nicolette Boele (Bradfield, Independent) Share this | Hansard source

There's broad support in my electorate for tax changes to fix the broken housing market. People understand that capital gains tax and negative gearing rules have priced out young people for their first home, and that needs to change. But many have also raised concerns about the government's planned reforms disincentivising investments in startups and small businesses. I've surveyed my constituents about this, and three in four respondents supported CGT carve-outs for founders, recognising that passive property gains and active business gains are different. But beyond the startup and tech sector, I've also heard from small-business owners who have put in years of hard work, often forgoing salaries and super, with the expectation that their business would support their retirement. While existing small-business CGT concessions will remain, there are 175,000 small businesses that won't be eligible. These larger small businesses do a lot of heavy lifting on productivity and employment.

Thankfully, there's a simple tweak that could go a long way. Lifting the eligibility threshold for the small-business CGT concessions from $2 million in annual turnover to $10 million would cover all small businesses and align the concessions with the ATO's definition of small business. The government is undertaking consultation on this issue, and I welcome their willingness to engage. I urge them not to rush but ensure that these important reforms work for young people and a productive economy.

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