The Government has released an exposure draft focusing on improvements to the small business capital gains tax concessions. The proposed changes were initially announced in the 2017/18 Federal Budget to apply from 1 July 2017, however, as is so common now, the proposed rules have only just been released.
Starting your own practice means you go beyond being a doctor to becoming a small business owner. From the moment you make the decision to become a practice owner you have many important decisions that need to be made that can vary from the choice of entity to planning cash flow.
The Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018 containing the long awaited amendments received Royal Assent on 28 March 2018. The bill contained a number of changes impacting the tax cost setting amount of a subsidiary member’s assets joining a tax consolidated group.