The Government has announced it will tighten access to the small business Capital Gains Tax (CGT) concessions from July 1, 2017. As part of its tax integrity package, the Government’s proposed changes will mean the CGT concessions can only be used in relation to assets used in a small business or ownership interest in a small business. This is purportedly aimed at taxpayers with an ownership interest in larger business entities that may currently be excluded when considering the eligibility threshold for the concessions.
The small business CGT concessions will continue to be available to small businesses with an aggregated annual turnover of less than $2 million or net assets of less than $6 million. The Government has not provided any further details on this measure and the breadth of these changes is currently uncertain. The disposal of business assets after 1 July, 2017 should be carefully considered in light of the announced changes.
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Federal Budget – Economic Summary
Small Business - $20k Small Business Immediate Tax Deduction
Small Business - Company Tax Rates
Small Business - Extension of Taxable Payments Reporting to Courier and Cleaning Industries
Small Business - Looking to Employ Foreign Workers?
Individual Tax Rates
Individuals - Changes to the Medicare levy
Restricting Residential Investment Property Deductions
Individuals - Higher Education Reform
Superannuation - Contributing Proceeds from Downsizing to Superannuation
Superannuation - First Home Super Saver Scheme
GST Changes - Purchasers to Pay GST on New Residential Premises
GST Changes - Digital Currency & Low-Value Imports
Tax Integrity Measures
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