Proposed super laws a ‘kick in the guts’ for tech start-ups

Teal independent MP Allegra Spender is leading a chorus of technology start-ups and investors criticising the federal government’s proposed superannuation legislation, which they say would harm the sector and reduce funding for early-stage innovative companies.

The changes are thought to apply to about 80,000 high-net-worth superannuation account holders, but Spender said many of those were investors in the local technology sector. “The committee also highlights evidence that the taxation of unrealised capital gains is not unknown to the Australian tax system,” the committee said. It also pointed to evidence that all superannuation trustees have an obligation to keep sufficient liquidity within their account to meet their Australian Prudential Regulation Authority obligations.

“Quite frankly, I can’t understand how I can be taxed on a totally illiquid investment that may or may not generate some form of profit for us when it finally exits, which could be some five or 10 years away. The valuation of such investment will, at best, be difficult, if not impossible, to be accurate with.

Source: Tech Daily Report (techdailyreport.net)

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Proposed super laws a ‘kick in the guts’ for tech start-upsTeal independent MP Allegra Spender is leading a chorus of technology start-ups and investors criticising the government’s proposed superannuation changes.
Source: smh - 🏆 6. / 80 Read more »

Opera singers Allegra Giagu and Charlotte Goode bring their passion for music to regional townsOpera singers Allegra Giagu and Charlotte Goode are at different stages in their careers, but both hail from the Goulburn Valley in northern Victoria and share the same goal: to bring opera to regional audiences.
Source: abcnews - 🏆 5. / 83 Read more »

Prime Minister throws jibe at teal MP in colorful Question Time momentAnthony Albanese didn't pull his punches when Teal MP Dr Monique Ryan quizzed the Prime Minister on his relationship with fossil fuel advocates.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Teal MP’s awkward admission after claiming ‘misinformation’Teal MP Zoe Daniel has awkwardly admitted she voted for $2 billion fossil fuel subsidies while trying to justify her vote, right after she deemed the claim was “misinformation”.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Kylea Tink tools up for the next federal electionThe teal independent North Sydney MP has 15 current staffers, and is looking for more.
Source: smh - 🏆 6. / 80 Read more »

Prince Harry and Meghan Markle kick-start whirlwind Nigeria trip with school tourPrince Harry and Meghan Markle have kick-started their three-day tour of Nigeria with dazzling first snaps capturing the couple arriving at a school on Friday.
Source: SkyNewsAust - 🏆 7. / 78 Read more »