Internet memes depicting Prime Minister Anthony Albanese as a “business partner” with a 47 per cent stake in businesses are spreading misinformation, the IPA has warned.
Institute of Public Accountants (IPA) senior tax adviser, Tony Greco, has called the Anthony Albanese “business partner” internet memes misinformation, following the announcement of the 30 per cent minimum CGT in the Treasury’s 2026 federal budget.
“If you’re a small business and you can avail yourself of those CGT small business concessions, then the outcome is going to be much better than 47 per cent,” Greco said.
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“Over 90 per cent of business owners will potentially qualify for some of the CGT concessions that apply to small businesses. So if they can avail themselves of those concessions, they are going to achieve something much less than 47 per cent, and in some cases, as low as 0; for example, if [they have] held that business for more than 15 years,” he said.
According to ATO’s website, entities eligible for small business CGT concessions must have an aggregated turnover of less than $2 million, must not run a business (other than as a partner) and use an asset in their affiliate or connected entity’s small business.
Greco emphasised that tax advisers must ensure they explain to clients their circumstances and whether they can avail of the concessions, and personalise these changes to their circumstances.
“Put them back in the right frame of mind, understanding whether they do, or they don’t qualify either now or in the future,” Greco said.
Greco said that several entities, such as start-ups, cannot avail themselves of small business CGT concessions and will be hurt by the changes, stressing that advisors “have to be careful about the impacts on different segments of the market”.
At a press conference on 21 May, Treasurer Jim Chalmers said the government is consulting with the start-up sector.
“There are some issues particular to the start‑up sector which have been the focus of our consultation. We’re consulting with the sector in good faith to see if there’s a way through that we can both live with,” Chalmers said.
“When it comes to these specific changes, it’s very important to remember, contrary to a lot of the misinformation that you might see, there are four existing concessions and carve-outs for small business, and we’re not changing them.
“The four existing concessions and carve-outs for small businesses in the CGT system will remain, and people like our political opponents who want to make up things about our changes don’t acknowledge that, but they should. The four existing carve outs and concessions stay as they are.”
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Carlos Tse
AUTHOR
Carlos Tse is a graduate journalist writing for Accountants Daily, HR Leader, Lawyers Weekly.