A successful tech entrepreneur is leaving Australia for Singapore, blaming the country's economic climate and Labor's proposed tax changes for his move overseas.
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entrepreneur → leave → move
Fred Schebesta, who founded comparison website Finder in 2006, has criticised the Albanese government's proposed tax reforms.
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who → found → reforms
He said the proposal to replace the current 50 per cent capital gains tax discount with an inflation-based model was the 'nail in the coffin' that he believed was driving entrepreneurs overseas.
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he → say → entrepreneurs
'So the innovators are leaving.
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innovators → leave → ?
We're done,' he told Yahoo! Finance on Thursday.
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he → do → Thursday
'The trauma of building a company is insane.
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trauma → build → company
The suffering, the risk taking, the cost to your life, your health, your family, your friends… it's just wild, and it's undervalued.
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it → undervalue → life
It's not like you just pop up and suddenly you've got this magical thing.
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you → pop → thing
Then you get a capital gain and half of it gets taken away.
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half → get → it
Mr Schebesta said he is relocating his family, including his four children, from Sydney to Singapore.
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he → say → Singapore
He highlighted that the country has zero capital gains tax, proximity to China and a business-friendly environment, and pointed to tax support and grants available to international businesses and foreign entrepreneurs.
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country → highlight → businesses
Tech entrepreneur Fred Schebesta said he is relocating his family, including his four children, from Sydney to Singapore
Mr Schebesta has relocated to Singapore, where he says the government is actively working to attract businesses (stock image)
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government → say → businesses
Mr Schebesta founded comparison website Finder in 2006
'The Singapore government has an initiative to welcome businesses in.
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government → found → businesses
They are actively bringing companies into the country,' he said.
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he → bring → country
Mr Schebesta shared a list of reasons why he was leaving Australia on social media.
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he → share → media
'In this government's tenure, they have upped interest rates and we have four per cent inflation,' he said, although it is the Reserve Bank of Australia that sets the rate.
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that → up → rate
He also criticised planned changes that would ban businesses from charging customers card payment surcharges.
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that → criticise → surcharges
'Banned credit card surcharges so companies have to charge you more,' he said.
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he → ban → more
The businessman said Australia's hot temperatures are a 'workplace hazard' and took issue with what he called a 'three-layer payment system' for healthcare involving government taxes, insurance and doctors' fees.
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he → say → taxes
Mr Schebesta encouraged other founders and young Australians to consider also making a move, even if there are logistical hurdles.
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Schebesta → encourage → move
'If you're a young person and you want to go and buy a house, go overseas and work hard somewhere you get paid for it, and the government doesn't take all of your money,' he said.
Mr Schebesta has criticised Labor's proposed capital gains tax changes, arguing they would make Australia less attractive to investors
'
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Australia → want → investors
Then you can actually build your wealth, and then come back and buy your house in Australia.
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you → build → Australia
'That's what I think young people should do.
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people → think → ?
Mr Schebesta said he had met other Australians in Singapore who had recently made the move overseas.
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who → say → move
'Everyone here is excited,' he said, describing Singapore as 'a place of prosperity, not of more regulation'.
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he → say → regulation
Mr Schebesta made his fortune at just 26 years old when he founded Finder alongside Frank Restuccia and Jeremy Cabral.
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he → make → Restuccia
In 2021, the AFR Rich List estimated his personal fortune at approximately $340million.
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List → estimate → 340million
At the time, Finder was valued between $650million and $770million.
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Finder → value → 650million
The Aporia
