Legislation
CGT small business reliefs
19.03.2009
An amending Bill (the Tax Laws Amendment (2009 Measures No 2) Bill 2009), which was introduced into Parliament on 19 March 2009, contains amendments to give effect to a range of measures, including the changes to increase access to the CGT small business reliefs.
The CGT small business relief changes will increase access to the small business CGT reliefs for taxpayers owning a CGT asset used in a business by an affiliate or entity connected with the taxpayer and for partners owning a CGT asset used in the partnership business, with effect from the 2007-08 income year. A number of other minor amendments are being made to clarify and refine elements of the small business CGT reliefs.
The main amendments are to apply to CGT events happening in the 2007-08 income year and later income years. The minor amendments have their own particular application dates.
Other amendments in the amending Bill relate to:
- the application of the income tax laws to financial claims scheme entitlements;
- tax benefits and CGT;
- the National Urban Water and Desalination Plan tax offset;
- updating the list of deductible gift recipients;
- the Australian Business Register;
- renewal of the Greenhouse Challenge Plans Programme condition for fuel tax credits;
- the exemption of certain grants to businesses affected by the Victorian bushfires.
For the text of the amending Bill and of the explanatory memorandum, click here.
