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 […]
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 […]
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.
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.
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.
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.
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