Australian Taxation Office

New or updated materials on ATO website, including:

Small business rollover

Treasury has this morning released exposure draft law to give effect the 2015-16 Budget proposal to allow small business to change their legal structure without incurring a CGT liability. Although the Budget announcement referred to a roll-over of a CGT liability, the Exposure Draft also extends the relief to the transfer of trading stock, revenue assets and depreciating assets. Submissions are due by 4 December 2015.