The Albanese government announced on Tuesday a series of significant concessions on its controversial capital gains tax reform, just four weeks after the May budget was handed down and as the legislation needs to pass the Senate within the next fortnight.
Prime Minister Anthony Albanese and Treasurer Jim Chalmers unveiled a raft of carve-outs and amendments to their proposed capital gains tax and negative gearing reforms, in a bid to clear the path for the bill’s passage through the upper house. The annual turnover threshold for small businesses using the most common CGT exemption will be lifted from $2 million to $10 million, a change that will be incorporated directly into the legislation currently before the Senate.
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