The Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 received Royal Assent as Act No 18 of 2016 on 8 March 2016.
It had passed all stages without amendment and amends 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 in a tax neutral way. See the more detailed TT article about this here.
[APH website] [LTN 8.3.16]