The budget: The facts on capital gains tax, family trusts, shares and the impact on startups

After 3 non-event federal budgets for the startup sector, all hell broke loose on May 12 when treasurer Jim Chalmers announced capital gain tax changes that will reduce the size of the cheque startup shareholders receive in a liquidity event. The backlash has been enormous and the sector is hoping Treasury will hear their pleas and create carveouts for startups and their investors, as well as small business. But amid the sound, fury and 47% equity social media memes, what does it all mean? That’s what Jack Qi, partner from startup advisory and accountancy firm William Buck explains on episode 59 of Startup 360. Will founders go overseas? Is this the end of Australian innovation? Who are the winners and losers from the government’s changes? Qi unpacks it all in this special edition of the show that puts the sexy back in the Tax Act. And because Startup 360 is all about staying human and finding out what makes people tick, Qi reveals he really wanted to be a fighter pilot - but ended up ensuring startup founders and their employees and investors pay no more tax than they have to, instead. And loves it. If you want to know the facts amid the fury, this episode is essential listening. Startup 360 is a SmartCo. Media production, produced and edited by Matt Jackson, and supported by Deel. Hire, manage and pay – anyone, anywhere. Subscribe on Apple, Spotify, and YouTube, and read StartupDaily.net for all the ANZ tech news for free!