The Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 passed the House of Reps without amendment on 22 February 2016 and likewise the Senate on 29 February 2016.
The Bill proposes to amend the ITAA 1997 to provide greater flexibility for small businesses to change their legal structure. The Bill effectively seeks to allow small businesses to change the legal structure of their business and have the tax consequences of the transaction(s) deferred until eventual disposal (this is not just CGT but also, trading stock, revenue assets, depreciating assets and deemed dividend provisions).
[APH website] [See related TT article for further details] [LTN 35, 23/2/16]