Changes to the capital gains tax (CGT) concessions for small business were enacted on 23 June 2009 and have various start dates.
The main changes apply from 2007–08 and increase access to the concessions for:
- taxpayers who are not carrying on a business, but who own a CGT asset used in the business of their affiliate or connected entity, and
- partners who own a CGT asset used in a partnership business.
Amendments to prior year returns may now be lodged for affected clients.
Courtesy: eLink, An email bulletin for tax professionals