Albanese and Chalmers have announced that 2.7 million active small businesses turning over up to $10 million will now be eligible for capital gains tax exemptions or concessions when their owners sell up — nearly five times the old $2 million threshold.
This is exactly what we’ve been pushing for. Small business owners deserve to see the rewards of a lifetime of hard work when it’s time to move on, not hand a huge chunk to the ATO.
And for start-ups, owners and employees with shares can keep the 50% CGT discount AND opt out of the inflation indexation model that could have seen gains taxed at up to 47%.
This is what happens when we speak up. We’re not done but today, let’s take the win.