Shadow Finance Minister James Paterson states that the Coalition is “firmly against” Labor’s unachieved gains tax.
Labor’s proposal to tax uncrystallized capital gains has raised worries among small business operators and farmers who own assets through their self-managed superannuation funds.
“We believe that taxing unrealized gains is fundamentally flawed—it will add immense complexity to our tax system that currently does not exist,” Mr Paterson stated.
Our other concern is their failure to index the threshold, which means that eventually, ordinary workers will get ensnared in this system.
