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Wednesday, 26 November 1986
Page: 3763

To the Honourable Speaker and Members of the House of Representatives in Parliament:

We, the undersigned, are seriously concerned about the impact of the Capital Gains Tax on the following grounds:

1. Discriminates against Small Business;

2. Stops creation of new Small Businesses;

3. Down-values the worth of existing Small Business;

4. Disincentive to Small Business growth because it bites hardest on the Small Business which have grown the most;

5. Reaches beyond the grave and taxes profits on sales of most properties gifted to beneficiaries and thereby is death duty in disguise.

6. Destroys incentive to investment.

7. Hinders the growth of employment opportunity.

8. Discriminates against Small Business in taxing so called gains made on the sale of a business.

9. Will cause growth in the bureaucracy.

10. Hinders the flexibility of arrangements of partnership.

We therefore most earnestly petition you to repeal the Capital Gains Tax Legislation forthwith.

Your petitioners, as in duty bound, will ever pray.

by .