A group of young startup founders claim they have been ambushed by tax changes in the budget amid a growing campaign against the contentious reforms.
In an open letter to the prime minister, 40 business owners aged under 40 say the decision to pare back the 50 per cent discount on capital gains tax will impact every growing company in Australia.
Among the signatories are the co-founders of digital menu platform me&u, satellite imaging company HEO and financial services provider Arbor Group.
"By removing the CGT discount on shares, and replacing it with a cost base indexation scheme, you have clocked us with a massive tax hit and then come up with a replacement that will make things even worse," the open letter says.
