Good afternoon.Anthony Albanese has announced bigger capital gains tax exemptions for all of Australia’s 2.7m small businesses. Startups and testamentary trusts are also set to receive carve outs from the government’s contentious tax reforms.The prime minister’s announcement on Thursday follows weeks of sustained criticism from industry groups, which have labelled the move from a flat 50% CGT discount model to an inflation-linked approach as a “tax on growth”.Jim Chalmers said the CGT exemption for small business would be “substantially broader and significantly more generous” after increasing the turnover threshold to $10m.Top news
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