‘It’s a disaster’: Labor’s tax changes will ‘end small companies’

Wilson Asset Management Chair Geoff Wilson has warned Labor’s capital gains tax changes will “end small companies” and push huge amounts of investor money into Australia’s ten largest businesses. “The (Australian equity) market’s about $3.3 trillion,” Mr Wilson said. “The top ten companies are about $1.1 trillion, so the rest of the companies, what you’re going to find ... all the money will go to the top companies. Asked what this will mean for small companies, Mr Wilson replied: “That’s the end of small companies”. “It’s a disaster.”