08 Oct 14 Government response to the Family Businesses in Australia report released
On 7 October 2014, Treasury released the Government's response to the report of the Parliamentary Joint Committee on Corporations and Financial Services entitled "Family Businesses in Australia – different and significant: why they shouldn't be overlooked". The report was tabled in Parliament in March 2013. The report made 21 recommendations on a wide variety of matters relating to Australia's family businesses, including Divs 6 and 7A ITAA 1936, Div 83A ITAA 1997 and the abolition of the rule against perpetuities.
The Government agrees in principle to most of the recommendations of the report. For the Government's responses, go here