Treasury has unveiled a package of capital gains tax (CGT) discount carveouts targeting small businesses, and start-ups and their investors following backlash since the reforms were announced in the Budget on May 12. Testamentary trusts will also be given a reprieve from the new tax regime.

Aware Super has sold a majority portion of its Australian water portfolio from the southern Murray-Darling Basin.

ASIC has banned Brett Newbound of Victoria, a financial adviser and the sole director of Freedom Wealth Services, which has subsequently lost its AFSL.

Victoria is home to Australia's highest earning postcode for the first time, according to newly release Australian Taxation Office (ATO) data, as taxable incomes, capital gains and superannuation balances continue to climb.