{"id":378,"date":"2016-03-11T15:00:45","date_gmt":"2016-03-11T04:00:45","guid":{"rendered":"https:\/\/cruzandco.com.au\/?p=378"},"modified":"2016-03-08T15:47:01","modified_gmt":"2016-03-08T04:47:01","slug":"smes-can-now-restructure-their-businesses-without-a-tax-penalty","status":"publish","type":"post","link":"https:\/\/cruzandco.com.au\/smes-can-now-restructure-their-businesses-without-a-tax-penalty\/","title":{"rendered":"SMEs can now restructure their businesses without a tax penalty"},"content":{"rendered":"
By:\u00a0TERRY HAYES<\/strong><\/p>\n <\/a>Legislation has been passed in Federal Parliament that will allow small businesses to change the legal structure of their business and have the capital gains tax (CGT) liability disregarded and deferred until eventual disposal. The changes generally apply from 1 July 2016.<\/p>\n Below is a snapshot of the changes. No one will be particularly surprised to learn the new rules are rather technical in nature!<\/p>\n The changes provide an optional rollover for small business owners who change the legal structure of their business on the transfer of business assets from one entity to another.<\/p>\n The effect of the rollover is the tax cost(s) of the transferred asset(s) is rolled over from the transferor to the transferee. The changes are designed to provide greater flexibility for small businesses to change legal structures.<\/p>\nWhat the amendments mean<\/strong><\/h6>\n