Tech sector warns tax could "double" under CGT changes | Insiders on Background

The decision to change capital gains tax rules for all investments, rather than just property, has sparked backlash from young investors, entrepreneurs and small business owners. In her first media interview since becoming the Tech Council's CEO, Kate Cornick tells David Speers the government must reward risk to avoid disincentivising startups. 00:00 Introduction 00:58 Kate Cornick, Tech Council CEO 1:20 Tech Council's position on capital gains tax changes 2:41 What would regime change mean for the sector? 4:47 How tax base could double for successful founders 5:37 Why tech start ups won't fall into existing concessions and exemptions for small businesses 6:50 Impact on successful exits 7:31 Risks of a non-competitive tax regime in Australia 9:42 Consultation with government and members 11:42 Does government understand concerns? 12:22 Huge number of failures in the tech startup system 14:15 Solutions 16:08 Learning from overseas schemes 17:28 Would a lifetime cap work? 17:45 Summary of what the tech sector is calling for 19:25 AI meme campaign response 20:16 Kate Cornick says risk must be rewarded 20:36 Goodbye Subscribe: https://ab.co/3yqPOZ5 Read more here: Welcome to ABC News In-depth, where you'll find our long-form journalism and other videos to help you understand what's going on in the world around you. Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 For more from ABC News, click here: https://ab.co/2kxYCZY Get breaking news and livestreams from our ABC News channel: https://www.youtube.com/user/NewsOnABC Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on Twitter: http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNewsIndepth #ABCNewsAustralia