Dealers wanting to change their legal structure can now do so without attracting a Capital Gains Tax (CGT) liability.
In early February the Federal Government introduced a Bill to Parliament as the final plank in its $5.5 billion ‘Growing Jobs and Small Business’ package.
Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said the legislation would reduce risk and complexity and make it easier for businesses to grow.
“Small business owners who find they are using a legal structure that does not suit their needs will no longer be stuck with that structure. This will allow them to restructure their business without incurring an immediate CGT liability,” she said.
“The Government’s 2015-16 Budget ‘Growing Jobs and Small Business’ package also includes tax cuts for all small business; immediate deductibility of all eligible assets costing less than $20,000 and immediate deductibility of professional expenses for new small businesses.”