- Description
- Specifications
The Small Business Restructure Rollover came into effect from 1st July 2016 with this rollover being introduced with the intention of assisting small business owners undertake genuine restructures of their businesses and facilitate flexibility for owners of small business entities and the way their business assets are held, while disregarding tax gains and losses that would arise previously.
Small business entities are able to deal with their assets to allow for movement from legacy structures into one or more new structures and applies to the transfer of active assets in the business that are CGT assets, trading stock, revenue assets and depreciating assets. For example, small business owners may transfer plant and equipment to a second entity, the business into a third entity but leave real property in the original entity.
This paper gives an overview of the Small Business Restructure Rollover and has been written under the following headings:
- Introduction
- Who Is Eligible
- What Is A Genuine Restructure
- Tax Implications
- Other Implications
- Conclusion