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Regulation and Policy
The rules of Estate Planning.
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Don’t rush flawed trust tax increases into law
6+ min ago (470+ words) The Property Council calls on the Parliament to send rushed discretionary trust tax changes to committee – giving industry the time it needs to appropriately scrutinise the Bill. Recent polling undertaken by the Property Council and other housing-peak bodies has shown…...
$13b bill for small business from tax on trusts because taxaholic Treasurer can’t kick spending addiction
40+ min ago (712+ words) “Small and family businesses are being handed a bill of up to $13.3 billion for the cost of valuations, advisers and stamp duty because our Taxaholic Treasurer broke his election promise and can’t kick his spending addiction”, said Shadow Treasurer, Tim…...
Chalmers offers new exemption to 30% minimum tax on trusts as backlash mounts
1+ mon, 1+ week ago (388+ words) The news: Treasurer Jim Chalmers has softened the government’s proposed minimum tax on family trusts, offering an exemption to those that decide in advance how income will be distributed. A new draft of the law includes changes to save discretionary…...
Government’s denial of the minimum tax offset doesn’t add up, says senior advocate
3+ hour, 53+ min ago (532+ words) Anticipated to be introduced this week, the proposed discretionary trust tax legislation has practitioners scratching their heads over the government's rationale for denying the minimum tax offset. The government’s reason for denying corporate beneficiaries the minimum tax offset (MTO) under…...
CPA Australia raises $2.8 billion alarm over trust reform plan
3+ week, 5+ day ago (357+ words) Small businesses and families running a discretionary trust could shell out $2.8 billion purely for professional advice, CPA Australia said, as the federal government hashes out plans to overhaul a common business structure. Consultation on plans to introduce a new 30% minimum…...
Trust tax changes pushed to inquiry as Greens take issue with small business carve-out
4+ hour, 47+ min ago (504+ words) Businesses will get a chance to air their grievances over Labor’s proposed tax on discretionary trusts, which they warn could set them back billions of dollars in restructuring costs. In a bid to placate the business community by offering a…...
Trust Tax Would Cost Small Business $13B, Liberals Say
55+ min ago (565+ words) "Small and family businesses are being handed a bill of up to $13.3 billion for the cost of valuations, advisers and stamp duty because our Taxaholic Treasurer broke his election promise and can't kick his spending addiction", said Shadow Treasurer, Tim…...
Businesses 'busting arse' to be punished by tax bill
3+ hour, 36+ min ago (446+ words) The treasurer remains upbeat as he tries to sell proposed changes to discretionary trusts, but it will be an uphill battle to appease both the small businesses and the progressive party the government needs onside to legislate the plan. Jim…...
Battle looms over private school loophole in new trust rules as businesses 'taxed twice'
3+ hour, 57+ min ago (715+ words) A perceived new "loophole" that wasn't on the radar of Treasurer Jim Chalmers is shaping up to be a sticking point as the federal government releases its latest legislation to impose a 30 per cent minimum tax on certain trusts. The…...
Trusts turmoil: Small businesses, Greens revolt over tax plan
4+ hour, 27+ min ago (551+ words) The treasurer remains upbeat as he tries to sell proposed changes to discretionary trusts, but it will be an uphill battle to appease both the small businesses and the progressive party the government needs onside to legislate the plan. Jim…...