Finance recently released revised amendments to the intergenerational business transfer rules that, among other changes, will soon require owners to satisfy new transfer conditions to qualify for lower capital gains tax rates on transfers to the next generation (instead of higher dividend tax rates). The revised draft legislation, which generally follows the changes first proposed in the 2023 federal budget with some additional clarifications, is proposed to apply to transactions that occur on or after January 1, 2024. Finance is asking for feedback on the revised draft legislation by September 8, 2023.
This publication provides an overview of the proposals introduced in the 2023 federal budget and also discusses the new changes outlined in the revised draft legislation.
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