Albanese announces ‘generous’ capital gains tax exemptions for small businesses after budget backlash

Startups and testamentary trusts to receive carve outs after criticism of Labor’s CGT changesFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAll of Australia’s 2.7m small businesses will receive “generous” exemptions from capital gains tax, as Anthony Albanese flagged startups and testamentary trusts would 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, who have labelled the move from a flat 50% CGT discount model to an inflation-linked approach as a “tax on growth”. Continue reading...