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09 Sep 2020 1 min read
I'm also announcing today that the government will abolish, we will abolish transfer duty when eligible small businesses restructure to reduce the cost of doing business and to cut red tape as we continue through into recovery.
Queensland has the most restrictive stamp duty rules regarding corporate restructures, which often prevents a business from restructuring its operations into the most optimum structure, particularly if the business is operated through a trust. We expect that there are many businesses in this predicament. If that is the primary reason why a business has baulked at restructuring, now may be the time to act.
There are many details we do not yet know (including the definition of “small”, whether it will apply to discretionary trusts, and whether it is a temporary COVID-19 measure), but we are well placed to guide clients through a restructure swiftly using a “whole of tax” and commercial approach. We provide guidance in relation to the optimum business structure, R&D opportunities, corporate and family tax implications and can manage all stamp duty disclosures required in Queensland (and elsewhere if relevant).
Please get in touch with your local Grant Thornton partner now if you think you could take advantage of this measure.
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