Australia Expands Capital Gains Tax Break to A$10 Million Revenue Firms
Updated
Updated · Bloomberg · Jun 18
Australia Expands Capital Gains Tax Break to A$10 Million Revenue Firms
3 articles · Updated · Bloomberg · Jun 18
Summary
Businesses with revenue up to A$10 million will now qualify for an extra capital gains tax discount under revised Australian tax changes announced by Prime Minister Anthony Albanese and Treasurer Jim Chalmers.
The government said it altered the measures to soften the budget’s impact on small businesses, startups and trusts after backlash to the original package.
The broader threshold means all 2.7 million active small businesses and 98% of active businesses will be eligible for the capital gains tax concessions.
The shift marks a retreat from the government’s earlier tax plan as Canberra tries to ease pressure on smaller firms while defending its budget agenda.