*This statement is not exactly true as this only applies to small businesses in NSW.
It starts from 1 January 2018. The definition of small business is the “CGT small business entity” which is one with an aggregated turnover of less than $2 million.
Beware of the word aggregated as this is a complex definition and if you have a few entities in your group then the definition needs to be studied very carefully.
If you are well under the $2 million then you can just give our brokers that information and we tick the correct box.
However if you are near this limit then you need to study your structure. Businesses at this level tend to add other entities to their structures so advice is needed.