There have been long awaited changes introduced in relation to capital gains tax (CGT), stemming from the 2006 federal budget. These changes relate to the small business CGT concessions. These concessions existed in the old legislation but have now been modified, with some changes taking effect from July 1, 2006, and other changes introduced from July 1, 2007. The final Bill for the 2007 changes was only introduced into parliament on May 10 this year.
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