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  • Tax Integrity – enhancing the integrity of concessions in relation to partnerships

    On 8 May 2018, the Government announced that partners in partnerships who alienate their income by creating, assigning or otherwise dealing in rights to the future income or capital of a partnership will no longer be able to access the small business CGT concessions in relation to these rights.

    These changes have been announced to apply to CGT events occurring after 7.30pm legal time in the Australian Capital Territory on 8 May 2018.

    Administrative Treatment

    Legislation to give effect to this change received royal assent on 28 October 2019. Taxpayers who may be affected by the change should now review their position back to their 2017–18 income year.

    See Administrative Treatments for further information.

    Legislation and supporting material

    Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019External Link received royal assent on 28 October 2019.

    See also:

      Last modified: 14 Nov 2019QC 60143