The new budget measure announced by the government - CGT roll-over relief for changes to entity structure which will come into effect on 1 July 2016 will give small businesses greater ability to minimise their taxes and protect their assets.

CGT roll-over relief is currently available for individuals who incorporate, but other entity type changes have the potential to trigger a CGT liability.   

From 1 July 2016, the government will allow small businesses with an aggregated annual turnover of less than $2 million to change legal structure without attracting a CGT liability at that point.   

This measure recognises that new small businesses might choose an initial legal structure that they later find does not suit them when the business is more established.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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