Australian Government Announces Plans for Expanded 50% CGT Discount on Active Business Assets and New Innovative Business CGT Concession

The Australian Government has announced further implementation details for its tax reform package, following an intensive first round of post-Budget consultation. One of the key points is that the Government will retain the existing four small business capital gains tax (CGT) concessions that allow small businesses to reduce, defer, or completely eliminate their capital gains tax liability when they sell active business assets. Further, eligibility for the 50% active asset reduction will be …