Tech entrepreneurs have mocked the government’s capital gains tax changes by posting AI-generated photos of Anthony Albanese as their “new founder” and warning that increased taxes could push people away from working for new businesses or send startups overseas.
Startups and entrepreneurs may yet receive a carve-out in the federal government’s planned changes to the CGT discount, with the prime minister saying he wanted to support innovation and the treasurer, Jim Chalmers, revealing that consultation was continuing with the sector.
The CGT changes – replacing the 50% tax discount on profits with “cost-base indexation”, meaning tax on profits after inflation, and a minimum 30% tax rate – were strongly opposed by some tech founders. Early stage startup companies with little cashflow often offer employees equity in the company, or stock options, in lieu of higher pay, while founders can be motivated to take risks with new ventures by a large potential payday when they sell their companies. Both could be affected by the CGT changes, the Tech Council of Australia warned.
“There is work to do to ensure Australia’s startup community doesn’t become collateral damage as a result of proposed changes,” said the council’s chief executive, Kate Cornick.
Sign up for the Breaking News Australia emailTim Wilson, the shadow treasurer, warned of “founder flight” overseas. The cofounder of Boost Juice, Janine Allis, also warned that winding back CGT discounts would discourage innovative businesses.
A minor trend emerged among startup founders after budget night, with several posting AI-generated photos of Albanese in their offices.
Julian Fayad with the PM in his AI-generated post“He’s having a great time with his new 47% equity,” wrote Jacques Greeff, the founder of the communications app Kinso, who posted AI images of the prime minister in the office with his staff, coding their product and working with customers.
“With the tax changes, [the] incentive to grow a business is greatly reduced, but all the normal risks remain,” Greeff told Guardian Australia, warning it would be harder to attract talented employees if their equity stake was less lucrative.
“Australia should be encouraging young founders to build the next Canva. My fear is they don’t even attempt it now or, worse, they go overseas and build the next unicorn and Australia misses out entirely.”
Julian Fayad, the chief executive of the loan comparison platform LoanOptions.ai, posted AI images of Albanese sleeping in his company’s office and scrolling on his phone. He also warned of the impact on attracting workers and risk-taking.
Fayad took part in a roundtable meeting in Sydney on Saturday hosted by Wilson, where founders were critical of the government’s changes, and joined the shadow treasurer at a media conference afterward.
“With the 47% CGT, the government’s message to founders like me is that if we succeed, they want nearly half of the hard-earned reward,” Fayad said.
“When I look at what countries like Singapore and the UAE are doing to attract and retain founders; the incentives, the structures, the genuine support, and then look at what Canberra is doing, it’s hard not to feel abandoned and hindered.”
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