“The Treasurer yesterday clarified the status of various announcements made by the previous government in relation to tax consolidation, company loss recoupment and TOFA,” Ms Hubbard said.

“In some cases there has been a tightening of arrangements, in others a closing of loopholes, while in a small number the announced treatment is more generous.

“Taxpayers undertaking corporate restructures will no...

The ETO provides a 25% tax offset for eligible businesses. The restriction will apply to singles with taxable income over $70,000 and families with taxable incomes over $120,000.

“These offsets are aimed at extremely small part time businesses. Hopefully the announced taxation review will look at extending tax offsets to entrepreneurial companies on a larger scale,” said Mr Pring.

“An unintended consequence of the wording of the current legislation (which the government has now resolved) was that at the point where the share was transferred from the trustee to the employee, both may have a tax liability resulting in double taxation.

“The government has resolved a complex double tax issue by removing the tax burden on the trustee,” Mr Basker said.

“Clarifying the anomaly will stream line the administration of share trusts and make...

“This initiative should not only reduce cost but it should also reduce the risk of fraud,” he said.

“With only one payment leaving the employer, transparency will be improved as will the ability to verify that superannuation deductions have made their way into the system.

“It will be important that the Clearing House is established with a sound set of internal controls, policies and procedures...

“Most of this $80 billion is spent on health services consumption.  The position is very different when you look at how much is invested for the future.

“Investing for the future means research and capital expenditure,” Rodger explained.

“According to the latest figures from the Australian Institute of Health and Welfare (October 2007), in 2005-06 Government spending on...

“What this means in practice is that the ATO will have increased resources to expand both the scope and depth of the work done by its high wealth individuals taskforce,” said Mr Szekely.

The Budget estimates that the increase compliance activity will generate increased revenues...

“Middle income families who want to financially rely on the public system are now more free to do so,” Rodger said.

However, for singles, the indexed threshold would be $75,000, so the Treasurer’s increase to $100,000 is more than expected Rodger pointed out. “This change in the Medicare Levy Surcharge could be described as more...

“Effective 1 July 2008, the family trust can only distribute to the children and grandchildren of the nominated individual and the children of the individual’s siblings,” said Mr Kotsopoulos.

“The limiting of beneficiaries means choosing the  nominated individual becomes critical and is likely to cause great distress to families trying to nominate one sibling over another.

“Income accumulated in old...

“Under current law, taxpayers relying on the $2 million turnover test could not access the small business CGT concessions where the relevant asset was owned by one entity but used by a related entity which carried on business,” said Mr Kotsopoulos.

“The Government has extended the concession to small business entities where a taxpayer owns an asset used by a related entity carrying on a business as well as partners owning a CGT asset used in...

As the majority of baby boomers retire over the next five to ten years, business succession will be vital for the long-term survival of many family-run businesses according to Deloitte partner, Craig Holland in his recently published book titled The Art of Business Succession.

According to Mr Holland however, fewer than 30% of family businesses have an achievable succession plan in place creating the potential for many Australian businesses to fail with significant damage to the Australian economy.

"A good succession plan will look at a range of issues such as people, and talent, family dynamics,...