Team - I have a gripe, which would not be new and many have raised before....
So, I was sitting on paper profits of over $100k, on holdings I had for less than 12months.
I thought, I ain't giving the tax man half of that, when I incur all the risk etc etc...already pay Income tax, pay my own children's school fees blah blah blah.
So I hold out for the 12 months to get the 50% CGT discount, but, sadly are now only left with a $300 paper loss.
Now, many will think I'm crazy not to take the profits, that's fine, it's profit not capital, and I am confident to make it back?
Surely the CGT system can be viewed as flawed?,as I Would have taken the profit in the absence of a CGT, and happily paid tax at my top marginal rate, benefiting me and the government, a win win.
Obviously now it is a loose/loose - I know what many will say, However, the point I am trying to make is the tax system seems to be geared to penalise those wanting to make an effort to invest in growing companies and benefit themselves and also contribute a 'fair' share back to the government.
A crazy world.
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