Small business restructure rollover - what you need to know
11 May 16 |
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.
This item is not available for download from this website. Please contact the Tax Institute library for assistance. Charges will apply.
Clive is a Tax Partner with William Buck.
- Current at
09 June 2004