As a Tax Accountant and Small Business owner with 23 years of experience, I have witnessed firsthand the immense challenges and risks faced by small business owners in Australia. Small businesses are the backbone of our economy, driving innovation, providing employment, and offering essential services. However, recent proposals to alter Capital Gains Tax (CGT) regulations pose a significant threat to their sustainability.

The proposed changes to CGT threaten to impose heavy financial burdens on small business owners when they sell, who have invested their lives into building their businesses. These changes include increasing the tax rate and reducing the eligibility criteria for CGT concessions, which will disproportionately affect small business owners compared to larger corporations who have better resources to manage tax liabilities. The small business CGT concession criteria has not been changed since 2007!

According to the Australian Bureau of Statistics, small businesses account for nearly half of the employment in the private sector, emphasizing their critical role in our society. If implemented, these CGT changes could stifle growth, discourage entrepreneurial ventures, and lead to increased unemployment.

The proposed CGT changes fail to acknowledge the unique challenges faced by small businesses. What we need is a fair and equitable tax system that supports small enterprises, rather than penalizing them. Exempting small businesses from these proposed changes would preserve their ability to grow, innovate, and continue contributing vitally to the Australian economy.

I urge you to stand with us in advocating for an exemption for all small businesses from the proposed CGT changes. By signing this petition, we can send a powerful message to policymakers to reconsider these amendments and protect the interests of small business owners. Sign this petition and help secure a future that fosters economic prosperity and sustainability for all.