Peak industry groups have joined economists and business leaders in urging the government to adopt an alternative capital gains tax proposal by independent Allegra Spender that would raise as much revenue as the budget changes but significantly reduce complexity and not punish innovation or risk.
With parliament scheduled to pass the remainder of the budget bills in the next fortnight, a groundswell of third-party support is building behind Spender’s alternative model to that unveiled by the government in the May budget.
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