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The Federal Government’s changes to the Small Business CGT Concessions are now law.
For background:
- Here is an article on the changes -> https://www.sbcgt.com.au/news/proposed-changes-cgt-small-business-entity-test
- Here is an article discussing some issues with the changes -> https://www.sbcgt.com.au/news/some-issues-proposed-changes-cgt-small-business-entity-test
The changes apply in relation to assessments for income years that include 1 July 2027 or later. This is different to CGT events that occur on or after 1 July 2027. This means that the changes apply earlier than 1 July 2027 for taxpayers with an early balancing substituted accounting period.