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Legislation and Politics in Estate Planning: the news, the names and what changed.
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Trusts Bill Fails to Address Industry Concerns, Risks Punishing Businesses
10+ min ago (305+ words) "Legislation tabled in parliament today for the minimum tax on discretionary trusts fails to address genuine industry concerns over implementation, and will punish businesses who attempt to comply with new trust tax rules," said Innes Willox, Chief Executive of the…...
Don't Rush Flawed Trust Tax Hikes Into Law
52+ min ago (337+ 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…...
Don’t rush flawed trust tax increases into law
1+ hour, 19+ 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
1+ hour, 52+ 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
5+ hour, 5+ 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
5+ hour, 59+ 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
2+ hour, 7+ 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
4+ hour, 48+ 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…...