Albanese, Chalmers unveil CGT carve-outs for small businesses, startups (opens original article in a new tab)

The Australian government introduced capital gains tax concessions for small businesses and startups, expanding existing discounts and addressing concerns about testamentary trusts.

• Albanese and Chalmers announced capital gains tax carve-outs for small businesses and startups.
• The 50% active asset discount will expand from $2m to $10m annual turnover.
• Testamentary trusts will be exempt from the 30% minimum tax with anti-avoidance rules.