Subdivision 328-G commences on 1 July 2016. All passed and ready to go - and very generous. The provisions apply to small business entities - those with an aggregated turnover of less than $2 million. There must be no change in underlying ultimate ownership by individuals. Transfers can be between individuals, companies, partnerships and trusts - but not superannuation funds.
All forms of active assets can be transferred - being those assets used in a business conducted by the asset owner or a connected entity of affiliate.
The cost base of all assets (land, trading stock and depreciating plant) is transferred to the new entity.
The transfer must be part of a genuine restructure - no tax dodging allowed.
There is a three-year safe harbour.