Government to strengthen small business concessions

The government released exposure draft legislation and an explanatory memorandum that deal with the scrip-for-scrip rollover. The rollover allows deferral of gains from an exchange of shares or units. The proposed legislation will strengthen integrity rules in the small business rollover by requiring including a wider group of affiliated companies for the eligibility testing. In addition, the new rules will allow special types of taxpayers, such as life insurance companies, superannuation funds …