Capital gains tax concessions will be expanded for small businesses and tax changes rolled back for some trusts as Labor tries to ease the blowback from its contentious budget.
The new carve-outs, unveiled on Thursday, will keep the existing 50 per cent capital gains tax discount for "innovative businesses" following a vituperative campaign by startups and entrepreneurs.
"We back Australian small businesses and the important role that they play in Australia," Prime Minister Anthony Albanese told reporters in Sydney.
"They're the blood running through the veins of our local communities and they're vital for our economy."
One of four existing small business capital gains concessions, the 50 per cent active asset reduction, will be extended to all businesses with a turnover up to $10 million per year.
