Publications and News

New and generous small business rollover relief

11 May 2016

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.

As usual there are final details that need to be looked at closely. For assistance please contact Jim Main or Michaela Schmidt.

Jim Main Business Lawyer / Director

Jim Main practices in business law generally with an emphasis on business succession, estate planning and tax. Jim has a Diploma in Law, is a.. Learn more about Jim Main

Click here to contact Jim Main.

Michaela Schmidt Business Lawyer / Director

Michaela Schmidt is a Business Lawyer with expertise in commercial matters matters including issues relating to succession, trusts and property. .. Learn more about Michaela Schmidt

Click here to contact Michaela Schmidt.