In a positive outcome for small businesses following the recent Federal Budget, the Australian Government has announced an increase to the turnover threshold for the Small Business 50% Active Asset Capital Gains Tax (CGT) Concession from $2 million to $10 million.
The change is expected to make thousands more small and family businesses eligible for valuable CGT concessions when selling active business assets, supporting business succession, retirement planning, and future investment opportunities.
Prime Minister Anthony Albanese said the measure will allow more businesses to access the existing concession and better align eligibility with the realities of modern small business operations. Approximately 98% of Australia's active businesses are expected to qualify under the new threshold.
Read more @ Inside Small Business