Pitcher Partners 2020 legal survey
Pitcher Partners recently conducted its sixth annual survey of legal firms and partners in Australia and New Zealand.
Construction industry payment defaults a timely reminder to be proactive
In its Small Business Risk Review released in late 2019, commercial credit reporting bureau CreditorWatch found that court actions due to payment defaults in the construction sector had increased by 40 per cent between the second and third quarter of 2019. Businesses exposed to this sector continue to face the risk of insolvency, with the […]
What to do when your kids can’t continue the family business
As you get older, a common consideration as a business owner is identifying who will continue to drive your business forward after you’ve stopped working. For family businesses, passing the business down to the next generation to manage and operate seems like a natural progression. If, however, your children don’t share the same interest in […]
Taxation of Testamentary Trusts
The Federal Government recently introduced Treasury Laws Amendment (2019 Measures No 3) Bill 2019. The new legislation is designed to prevent income from assets injected into a testamentary trust – also known as a will trust – from being taxed at a lower rate, which is possible under the pre-existing law. Distributions to minors from […]
The importance of succession planning for family businesses and SMEs
People all over the world recently sat on the edge of their couch waiting to see which of the four Roy children in HBO’s dramedy Succession would inherit their father’s media conglomerate. While made with dramatic effect, the show serves as a timely reminder for family business owners and SMEs to start thinking about their business succession plans.
Victorian State Budget 2019-20: Victorian regional businesses
The Treasurer has announced a number of measures that will have a positive impact on businesses in regional Victoria, with reductions to transfer duty for commercial and industrial properties and a further reduction in the regional payroll tax rate.
Victorian State Budget 2019-20: Property – Landowners
Declining property values have impacted Government finances, driving them to look elsewhere for revenue. With no changes to land tax rates in sight, it is expected that an increasing number of land owners will be brought into the land tax net to make up for declining stamp duty revenue, particularly once property values recover.
Federal Budget 2019-20: Small and medium business tax
The Government has announced an expansion of the instant asset write-off threshold from $25,000 to $30,000, with medium-sized businesses (with a turnover of up to $50m) now also qualifying. Further, additional funding of $60 million will be provided over three years for small and medium enterprises to support Australian exports.