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The Government announced in the 2008-09 Budget that it proposes to increase access to the small business capital gains tax (CGT) concessions for taxpayers owning a CGT asset used in a business by a related entity and for partners owning a CGT asset used in the partnership business, with effect from the 2007 08 income year: see 2008 TAXVINE No 18 (14) (13 May 2008).

The Government has now developed draft legislation to implement this change and to make other related changes. The draft legislation and Explanatory Memorandum is now available to provide interested parties with an opportunity to comment, by 26 November 2008, on the proposed legislative amendments and Explanatory Memorandum for the measure and the related changes.

For a copy of the draft legislation and Explanatory Memorandum, go here.

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