<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Forty </span><a href="https://www.9news.com.au/national" rel="" target="_blank" title="Australian "><span>Australian</span></a><span> business owners under 40 have penned an open letter to the prime minister, saying his </span><a href="https://www.9news.com.au/national/federal-budget-2026-what-capital-gains-tax-and-negative-gearing-changes-mean-for-rents-housing-prices-and-supply/30abbf82-e8f5-4833-ad2e-41c45b337fda" rel="" target="_blank" title="tax reform"><span>tax reform</span></a><span> is an "aspiration ambush".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The self-described "young business builders of Australia" from technology, artificial intelligence, retail and manufacturing sectors told Anthony Albanese that his budget has hit them the hardest.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We work the hours. We carry the risk," the letter read. </span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/anthony-albanese-capital-gains-tax-changes-meme-trend/677d3bec-ed50-4b16-ae90-a3de339dffd6" rel="" target="_blank" title=""><strong><span>Business owners hail '47 per cent partner' PM in meme trend</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We do it because we believe in the business we are building, and because we have been told, repeatedly, that this spirit of having a crack is exactly what the country needs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Unfortunately, the budget your government just announced tells us a very different story."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The budget has decreased the generous capital gains tax (CGT) discount to 30 per cent, adjusted to a cost base indexation, grandfathered negative gearing and discretionary trusts as a way to support younger people to enter the housing market.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/federal-budget-2026-aussie-business-owners-unite-against-pms-tax-reform/161fefc4-6127-4b59-a159-6c688e0c7dda" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But business owners have been swept up in the changes, which the founders claim will affect every growing business in Australia.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Most of the signatories said they supported the CGT changes on the sale of residential investment properties but drew a line at shares.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The changes to the CGT discount on shares will do nothing to make houses more affordable; all they will achieve is to suck the ambition, drive and hope out of the hearts of young business builders nationwide," the letter reads.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Surely that can't be the plan?"</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/rentvesting-tax-reform-to-push-people-away-from-popular-strategy/59229608-0e12-4a62-8aad-47806eb678bc" rel="" target="_blank" title=""><strong><span>Is rentvesting dead? Tax reform to push people away from popular strategy</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The letter was signed by 40 business owners, including those from workout supplement company Pillar Performance, link-in-bio tool Linktree and AI-led menu and ordering platform me&amp;u.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Prime Minister, we respectfully look forward to your reply," they concluded in the letter. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Albanese is being mocked by small business owners around the country who have taken to social media to </span><a href="https://www.9news.com.au/national/anthony-albanese-capital-gains-tax-changes-meme-trend/677d3bec-ed50-4b16-ae90-a3de339dffd6" rel="" target="_blank" title="post AI-generated photos depicting the prime minister as their new business partner"><span>post AI-generated photos depicting the prime minister as their new business partner</span></a><span>, claiming he will be taking 47 per cent of their earnings when they sell their company.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The budget's tax reform has not yet passed parliament. The </span><a href="https://www.9news.com.au/national/federal-budget-2026-labor-needs-greens-to-pass-tax-reform/64bd274d-0367-4f47-9d0d-08f2ffe751cc" rel="" target="_blank" title="Coalition have vowed to fight them but the Greens are undecided"><span>Coalition have vowed to fight them but the Greens are undecided</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Albanese and senior members of his cabinet are currently on a nationwide campaign to spruik the budget and explain the changes. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/kfc-workers-urged-join-class-action-for-slice-of-288-million-compensation-payout/4e459624-8d62-4819-90fb-14554ef377b5" rel="" target="_blank" title=""><strong><span>KFC workers urged join class action for slice of $28.8 million payout</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>They have reiterated that there is a one-year grace period before the CGT changes come into effect, consultation with the start-up sector and support for businesses who want to restructure their discretionary trust to a fixed trust.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Businesses with existing concessions will not be affected by the changes.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Treasurer Jim Chalmers told reporters yesterday he chose to include shares in the CGT changes so he does not "introduce new distortions into the system".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Those distortions which were introduced by Howard and Costello made a negative impact on housing in particular, and we don't want to replace one set of distortions with another set of distortions," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This is about a fairer, more neutral treatment of capital gains."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>