By Joseph Carbone
Outspoken budget critic Geoff Wilson said the Prime Minister and Treasurer are “twiddling away while Rome is burning,” calling the CGT concessions a “micro-step”.
Mr Wilson said the expansion of CGT concessions to small businesses with a turnover of $10m will have “minimal impact”.
“The Treasurer and the Prime Minister are tone deaf,” Mr Wilson told The Australian. “The tax on Australian businesses is going to destroy Australian businesses. Increasing the threshold on a company you own for 15 years to $10m will have a minimal impact on the billions and billions of dollars of costs this will add.”
The Wilson Asset Management founder and boss said he was glad testamentary trusts would now be exempt from the minimum tax, but the moves don’t go far enough.
“The death tax has been scrapped, but now they just need to do one thing – it’s not complex – just carve out every Australian business. It’s like they’re Nero, who was just twiddling (his thumbs) while Rome was burning.
“These changes will have no impact, and it just shows that unfortunately the current Treasurer is, in terms of managing the Australian economy, he is out of his depth.
“This is a micro-step forward.”
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