Significant small business CGT concessions changes looming

In the 2017-18 Federal Budget the Government announced that changes would be made to the small business CGT concessions to address some integrity concerns. While the Government stated that the changes would apply from 1 July 2017, no specific details were released until Treasury released exposure draft legislation in February 2018.

The draft legislation changes the basic conditions that need to be met in order to apply the small business CGT concessions to a capital gain arising in relation to a share in a company or an interest in a trust.

The changes are complex and will make it more difficult for many shareholders or unitholders to access the concessions on the sale of shares or units from 1 July 2017.

…To find out more about the general indicators of whether your business are of concerns, come and talk to us Tax Ideas Accountants & Advisershttps://taxideas.com.au/booking/

Tel: (02) 8318 1545

Posted in News & Events, Tax Updates.