The Government is ensuring that partners in partnerships cannot inappropriately access the small business capital gains tax (CGT) concessions when dealing in rights that alienate future income from the partnership.
As announced in the 2018-19 Budget this measure applies from 7:30pm on 8 May 2018.
Draft legislation, released today for public consultation, denies access to the small business CGT concessions when partners alienate their income by creating, assigning or otherwise dealing in rights to the future income of a partnership. Partners will now only be eligible for the concessions when such rights make the assignee a partner in the partnership.
The exposure draft legislation and explanatory materials are available on the Treasury website.
Interested stakeholders are encouraged to provide their views by Wednesday, 31 October 2018.
Submissions can be emailed to firstname.lastname@example.org during the consultation period.