10,000 Sign Petition Against Labor’s Wealth Vehicle Overhaul

About 10,000 people have signed a new petition against Labor’s overhaul of Australian wealth generation vehicles.

Wilson Asset Management, founded by Geoff Wilson, launched the campaign, which argues the Labor government’s sweeping changes to capital gains tax (CGT), negative gearing, and trust taxes will inhibit long-term investment.

“The government’s proposed capital gains tax changes will discourage long-term investment in Australian businesses, innovation, farms and other productive assets,” the petition says.

“These changes will make it harder for younger Australians to build financial independence, reduce investment in Australian businesses and innovation and weaken productivity growth across the economy.”

Labor introduced the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 into Parliament on May 28.

Under current laws, investors who sell an asset—after owning it for 12 months—receive a 50 percent discount on CGT, which is taxed on the profit of the sale. Labor’s changes remove this discount and replace it with a flat 30 percent tax on the entire profit plus inflation costs.

Further, “negative gearing,” which allows Australians to deduct losses from investments like property to reduce their taxable income, will instead, be limited to new properties going forward.

Lastly, the Labor government will implement a 30 percent tax on any revenue that goes into a discretionary or family trust—a common vehicle for small business owners or families to try cut down their tax burden.

The government’s legislation is expected to pass the House of Representatives, where Labor holds 94 seats, however, it will require the support of the Greens to make it through the Senate—Labor has 30 out of 76 Senate seats.

Small Business Group Raises Concern

The Council of Small Business Organisations Australia (COSBOA) has also criticised the proposal, warning it could impact small businesses, and discourage investment.

“These are genuine small businesses that employ Australians, support local communities and have often been built over decades through significant personal and financial sacrifice,” said CEO Skye Cappuccio said.

COSBOA also said business owners were concerned about how the changes could affect retirement planning, business succession and long-term viability.

Treasurer Jim Chalmers has stated there are exemptions for small businesses, while pressing the argument that CGT and negative gearing changes can improve housing affordability—by forcing investors out of the market.

“The changes will be prospective, limiting the impact on existing investments and preserving the gains investors have made,” the treasurer said in a statement.

“Capital gains on existing investments that accrue prior to 1 July 2027 will retain access to the 50 percent discount, while capital gains which accrue from 1 July 2027 will be subject to the new inflation-based discount and the minimum tax.”