My friends, Sarah and Tom ( real names suppressed for privacy reasons) run a great little cafe  nestled in our outer suburb. Over the years, they've faced their fair share of challenges, but always managed to stay afloat through sheer grit and determination. Recently though, they've been worried—more than usual. The changes to the Capital Gains Tax (CGT) and negative gearing introduced in the latest Federal Labor Government budget have sent waves of uncertainty through the small business community.

These changes are not just numbers on paper; they have real consequences. According to the Australian Bureau of Statistics, small businesses make up 97.5% of all businesses in Australia, employing millions and contributing significantly to the economy. The new tax regulations impose additional financial burdens that many of these businesses, like Sarah and Tom's cafe, simply cannot bear.

The adjustments to CGT and negative gearing mean that many small business owners will face increased tax liabilities. These changes can hinder cash flow, restrict reinvestment into the businesses, and lead to a rise in insolvencies. The already precarious situation for small business owners is exacerbated, as they also navigate the challenges brought by the COVID-19 pandemic impact and rising inflation rates.

As everyday consumers and supporters of small enterprises, we feel it's crucial to provide a lifeline to these businesses. We urge the Federal Labor Government to reconsider and revoke these damaging tax alterations. If we fail to act now, beloved local businesses, which form the backbone of our communities, may disappear.

Support local entrepreneurs like Sarah and Tom by signing this petition. Together, let's work toward a fair policy that fosters growth and stability for small businesses across Australia.