In the 2018-19 Budget as part of its tax integrity package, the Government announced that, from 7:30PM (AEST) on 8 May 2018, the tax law would be amended so that partners that alienate their income by creating, assigning or otherwise dealing in rights to the future income of a partnership will no longer be able to access the small business capital gains tax (CGT) concessions in relation to these rights.
The Government is seeking stakeholders’ views on the exposure draft legislation and accompanying explanatory materials implementing this Budget announcement.
You can submit responses to this consultation up until 31 October 2018.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How to respond
Address written submissions to:
Small Business Entities and Industry Concessions Unit
Individuals and Indirect Tax Division
PARKES ACT 2600