Jun 18, 2026 – 11.35amThe Albanese government has granted $475 million of tax concessions to small business, start-ups and testamentary trusts, in a partial backdown by Labor following a backlash against its contentious budget tax changes.Prime Minister Anthony Albanese and Treasurer Jim Chalmers announced on Thursday that 2.7 million active small businesses turning over up to $10 million would be eligible for existing exemptions and concessions on capital gains tax when their owners sell, up from the existing $2 million revenue threshold.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles