Who would bother investing money in Super when the returns would be under 10%pa?
Who would bother taking any entrepreneurial risk for returns less than 1000% when you consider how high Australia's CGT is today? What is tax payable on a profit of $1,000,000 if one risks their own money and ingenuity to possibly make that profit ?
Would it be worth risking $1 million of ones assets to possibly make $1 million of taxable profit?
How` much tax should a` government take in tax? How much tax does ATO currently take in Tax on $1,000,000 ?
I argue that the tax rate is currently too high because many people will choose not to risk their own $1 million to possibly make a $million to share most of it with the ATO?
WHY is Capital Gains Tax so high that it discourages people swapping assets by selling them for fear of the huge tax payable and the States miss out of 6% Transfer Duty? Whats the point of have punishing CGT which cost State Govt profitable revenues?
