Family business sector needs tax boost to emerge from COVID-19

The May 2021 budget may be the vehicle for longer-term structural reform, with family business at its centre, argue Robyn Langsford and Brent Murphy.

It is often said that the Small to Medium-Sized Enterprise (SME) sector is the engine-room of the economy. But it is not an overstatement to say that family business is the very foundation of the global economy.Did you know that family-owned enterprises account for two-thirds or more of businesses globally, contributing 70 to 90 percent of annual global GDP and 50 to 80 percent of employment?That being the case, it is surely important that during a global pandemic, any unnecessarily burdensom...

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Authors: Robyn Langsford, Brent Murphy

Published Date: 22 October 2020