From 1 July 2016, if your aggregated annual turnover is less than $2 million per year and you change the legal structure of your small business, you’ll be able to rollover your CGT liability. This means you won’t have an immediate CGT liability at the point when you change entity structure.
In its Innovation Statement, the Government has sought to remove the fear of failure by changes to insolvency laws to provide greater flexibility for entrepreneurs and investors in innovative start-ups. The existing insolvency laws will be relaxed for risky projects.
The Australian Taxation Office (ATO) will acquire details of individuals in receipt of family tax benefit part B, paid parental leave, carer allowance and Medicare entitlement statements from the Department of Human Services (Centrelink and Medicare) for the 2014–2015, 2015–2016 and 2016–2017 financial years.