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Small business restructure rollover - what you need to know

Publication date: 11 May 16 | Source: INTAX

Issue: May 2016

Pages: pp. 14-16


The Tax Laws Amendment Bill (Small Business Restructure Roll–Over) Bill 2016 (the Bill) which received Royal Assent on 8 March 2016 allows small businesses to defer the recognition of gains and losses arising from changing their legal structure.
The new rollover applies to genuine restructures of small businesses that occur on or after 1 July 2016 and it is contained within Subdiv 328-G of the ITAA 1997.
Prior to the introduction of the restructure rollover, where a small business has to restructure to accommodate growth, the transfer of assets from one legal structure to another historically gave rise to tax liabilities.
This article examines the applications of the new rules in relation to the restructure of small businesses. This article does not cover the broader CGT concessions rules for small businesses.

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Clive Bird CTA
Clive is a Tax Partner with William Buck. - Current at 09 June 2004
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