Fighting any battle is not easy, and fighting it alone is almost impossible, so I am very proud to have now achieved over 2,600 sign ins for our important online petition to encourage the Australian Federal Government to abandon its proposal to remove the 50% discount on Capital Gains made by Foreign Investors and Expatriates.
With just two more days left to make a formal submission to Treasury on the changes, we will be able to present the largest source of real data available and this should go along wa y to allow them to understand that the removal of the discount will definately have an impact on the current levels of investment activity by Foreigners and expatriates.
The potential revenue from these changes of just A$55 million over 4 years will be dwarfed by the loss of revenue form a slow down in activity and could cause chaos in the porperty market, desperately needing additional housing units created by foreign investment.
With the Federal Budget looking to have slipped from the forecast A$1.5 billion surplus to an expectation of a A$20 billion deficit, the Government simply can not aford to take the chance on any reduction in activity and should logicaly cancel this change.
SMATS continues to put forward a sensible and logical assessment of the risk in a hope the Government will see fit to leave things unchanged.