Chalmers expands startup CGT carve-out plan after industry feedback
The Albanese government has backed away from several of the most contentious aspects of a proposed capital gains tax carve-out for startups.
The Albanese government has backed away from several of the most contentious aspects of a proposed startup carve-out from its capital gains tax overhaul, cutting the minimum holding period for shares from five to three years, removing a proposed $10 million lifetime cap on gains, and extending eligibility for companies by five years to 15.
Treasurer Jim Chalmers released the exposure draft legislation on Friday, providing a more detailed look at the Innovative Business CGT Concession (IBCC), which is designed to protect founders, early employees and investors from the impact of the government’s broader CGT changes.
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