Latest news with #GeoffWilson
Daily Mail
4 days ago
- Business
- Daily Mail
The sneaky way Anthony Albanese will turn Australia into a high-taxing European nation with new super tax
Anthony Albanese risks turning Australia into a high-taxing European nation with his plan for a radical new tax on superannuation savings, an investment group warns. The federal government wants to impose a new 15 per cent tax on unrealised gains on super balances above $3million, where capital growth would be taxed before assets are sold. Wilson Asset Management chairman Geoff Wilson said this departure from taxing capital gains after assets are sold would see Australia share a similarity with European nations, which are renowned for their high taxes and targeting the rich. 'Australia is proving to be no different from Norway, Spain and Sweden, where taxing unrealised gains led to capital exodus and therefore lower than expected tax revenue,' he said. In 2023, the Labor government announced that from July 1, 2025, 0.5 per cent, or 80,000, of super balances with more than $3million would be hit with a new 15 per cent tax on unrealised gains. This would be in addition to the 15 per cent tax on earnings that already exists for all super during the accumulation or working phase. The debut of a new tax on unrealised gains also marks the biggest change to the capital gains tax since it was introduced in Australia in 1985. Previously, European nations have been the main enthusiasts for taxing the notional or paper value of assets, based on gains during a financial year. Norway applies a 38 per cent unrealised gains tax on the wealth of those who leave. Sweden does a similar thing, but with a 30 per cent exit tax on unrealised gains. Spain also has an exit tax, based on unrealised gains, if someone with a large investment portfolio leaves the country to become a tax resident elsewhere. Germany during the 1970s and 1980s taxed unrealised gains on wealth, but the policy was notoriously difficult to administer. France still has a wealth tax that applies on assets worth more than €1.3million (AU$2.1million) of real estate assets, but it stops short of taxing unrealised gains. Other European nations, renowned for having higher income taxes to fund more services, do not touch retirement savings in the way Labor is proposing to do. US Democrat presidential candidate Kamala Harris last year campaigned to tax unrealised gains on wealth - but only for the ultra rich with assets worth US$100million (AU$152million) or more. Australia would be the first to apply an unrealised gains tax to superannuation, in a bid to raise $2.3billion a year in Budget revenue. Left-leaning crossbench senators David Pocock and Jacqui Lambie last year declined to back Labor's Better Targeted Superannuation Concessions bill, because they are opposed to taxing unrealised gains. The Greens back taxing unrealised gains but want the threshold reduced to $2million, but indexed to inflation. They hold the balance of power in the Senate, and Labor is still negotiating amendments with the minor party. The government has previously flagged giving Australians a year's notice from the time legislation is passed, with Mr Wilson noting panic selling was already occurring in self-managed super funds to avoid the potential new tax. 'Despite requiring Senate approval, the proposed tax on unrealised gains has already prompted a rush to liquidate assets ahead of the 30 June 2026 implementation date,' he said. Wilson Asset Management has proposed an alternative super tax strategy to Labor's plan to tax unrealised gains, in a submission to the government's Economic Reform Roundtable, where it argued it would raise $2.433billion in revenue. 'The outcome of the proposal would allow the government to increase tax revenue from high balance accounts without breaching the realisation principle of the tax act,' Mr Wilson said. 'Our proposal is in the national interest and a Budget-positive alternative to the government's proposed policy to tax unrealised gains in superannuation.' He proposes to keep the existing structure of taxing realised capital gains, but adding a new 15 per cent tax to balances of $3million to $6million. A 17.5 per cent tax would apply for balances of $6million to $10million, rising to 20 per cent for balances of $10million to $20million and 25 per cent for balances above $20million.
Yahoo
4 days ago
- Business
- Yahoo
Repack SCAMS – How We're FIXING This Big Problem!
Geoff Wilson announces a big change to address repack scams in the sports card hobby, making collecting safer and better for everyone.
Yahoo
17-07-2025
- Entertainment
- Yahoo
DJ Lagway Left Speechless After Fan's $6,000 Gesture
DJ Lagway Left Speechless After Fan's $6,000 Gesture originally appeared on Athlon Sports. As a true freshman for the Florida Gators this past season, quarterback DJ Lagway burst onto the scene with authority. Following an injury to Graham Mertz, Lagway started seven games, leading the Gators to a 6-1 record. He also tossed the pill for 1,915 yards and 12 touchdowns, while rushing for an additional 101 yards. The former five-star recruit from the 2024 class, who ranked as the No. 1 quarterback in the class, is widely expected to emerge as one of the sport's best this season after having a second offseason in the system and some reps under his belt. With his presumed status as one of the best in college football, collectors are already doing anything they can to get their hands on Lagway memorabilia. Something that the sophomore quarterback learned firsthand on Wednesday, as an avid collector, surprised Lagway with how much he spent on a one-of-one autographed chrome card. When asked how much he thought the card was, Lagway threw out a guess of $25. A figure that was a few thousand short, as collector Geoff Wilson revealed he spent $6,000. After initially staring at the card in awe, Lagway eventually stated, "$6,000? That's crazy." While the Willis, Texas product may be shocked at how much it is worth now, that value may only skyrocket depending on how the rest of his career unfolds. With the Gators emerging as the popular pick to be a College Football Playoff dark horse, all eyes will be on Lagway in 2025. He and the Gators open the year against LIU on Aug. story was originally reported by Athlon Sports on Jul 17, 2025, where it first appeared.
Sky News AU
14-07-2025
- Business
- Sky News AU
More than 600,000 small growth companies, startups at risk from Labor's plan to tax unrealised gains, WAM report warns
More than 600,000 startups or small growth companies are at risk of a lack of funding due to Labor's plan to double the tax rate for superannuation accounts over $3m and target unrealised gains, a report has predicted. Wilson Asset Management's report said there are 611,823 companies in Australia that turn over less than $2m per year and would need financing through a self-managed super fund or via personal contributions to reach profitable maturity. WAM estimates the taxing of unrealised gains would diminish investment in these companies and lead to a potential 53.7 per cent decline in tax revenue from innovative companies. This would hurt Labor's budget and bring the annual corporate tax from these small companies down from $9.19b to $4.93b - bringing total losses to $19.73b over four years. WAM's founder Geoff Wilson, an outspoken critic against Labor's plan to tax unrealised gains, warned the reform will be detrimental to small businesses. 'The taxing of unrealised gains will destroy a $1.1t pool of long-term patient capital that has been the life blood of small and medium size companies in Australia,' Mr Wilson told 'It will negatively impact tax collection by $19.73b over the budget estimate period as it will inhibit over 600,000 startup or small growth companies due to lack of funding. 'This tax on unrealised gains is a disaster for all. It will be an absolute disaster for all Australian startups/small growth companies due to lack of funding.' His warning comes as Chris Kirk, the CEO of startup hub Stone & Chalk, told investors were shying away due to Labor's proposed tax. 'We've seen countless examples, unfortunately, right across the startup ecosystem right now of particularly high net worth angel investors and investors that are currently invested in tax-friendly structures to invest in the startup community… pulling back or delaying deals because of the uncertainty,' Mr Kirk told in May. He warned that investment into startups could be put on hold or 'disappear completely' from the venture capital ecosystem as investors are put off by the threat Labor's tax on unrealised gains poses to the startup sector. This comes as the investment timeline for a startup can be about 10 to 15 years and the risk rates for these businesses is 'incredibly high'. Concerns around the startup space come as many farmers, who hold property in a self-managed superannuation account, have also voiced concerns around Labor's super tax. The National Farmers Federation president David Jochinke said a tax on unrealised gains would target 'hardworking families who feed, clothe and employ Australians every day'. 'Thousands of farmers will be taxed simply because their land value has gone up on paper. No additional income. No sale. Just a tax bill,' Mr Jochinke told 'This tax could force some farmers to sell up just to pay their tax bill. 'This is not just about yachts and waterfront mansions. It's about orchards, dairies, family restaurants and pharmacies. 'We believe it is not the government's key aim to tax small business and we are hopeful that sensible changes can be made to the policy to demonstrate this.' His remarks follow a report last week from the Australian Financial Review that a person with a $4m super balance and posts a 10 per cent increase to $4.4m faces an extra $19,000 in taxes due to Labor's plan. About 2368 farmers will be impacted by the super tax, the AFR reported, which equates to 2.7 per cent of the large superannuation holders in Australia. Labor's massive election win in May means it only needs the support of the Greens in the Senate to pass its super legislation. The minor party wants the threshold lowered to $2m and for it to be indexed over time, while Labor has no plans to index it.
Sky News AU
04-07-2025
- Business
- Sky News AU
‘Incredibly tough': Calls for PM to address over-regulation and over-taxation in business
Wilson Asset Management founder Geoff Wilson says one of Australia's largest business problems is over-taxation and over-regulation, calling upon the Albanese government for an end to the 'pleasantries'. This comes amid Prime Minister Anthony Albanese's address at Australia's Economic Outlook 2025. 'It's an incredibly tough environment,' Mr Wilson told Sky News host Danica De Giorgio. 'What we need the government to do is to not overtax and overregulate – and that's the problem that all Australian companies have got at the moment. 'We don't want any more pleasantries, our small, medium-sized, and even large companies in Australia need some action by this government. 'Something has to be done.'
