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From 1 July 2016, the ATO has introduced a small business restructure rollover that allows small businesses to transfer active assets from one entity (the transferor) to one or more other entities (transferees), without incurring an income tax liability under certain conditions.

This rollover provides a great opportunity for any small businesses that are currently trading under a sole trader or partnership structure but looking to move to a company or trust structure to take advantage of the associated benefits to do this without the worry of any tax implications.

If you are interested in finding out more about this or are in this situation, please contact our office.

We also offer a “Business Structures” fact sheet under the “Resources” section on our website if you would like more information around the various business structures that are available.