Small business CGT concessions

expanding the range of circumstances when a taxpayer’s spouse or child will be considered to be an affiliate of the taxpayer;
exempting small business operators from satisfying the basic conditions for capital gains arising from certain CGT events;
ensuring the small business CGT retirement exemption applies appropriately to capital proceeds received by individuals in instalments.

The Bill will also clarify that a partner in a partnership cannot be a small business entity.
Generally, the amendments will apply to CGT events happening in 2007/08 and later income years.

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