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Labor in Trust Tax Fight with Emboldened Greens Leader
Labor’s proposed minimum 30% trust tax faces resistance from business groups and a Greens leader seeking stronger exemptions.
- On Wednesday, Treasurer Jim Chalmers introduced legislation to parliament imposing a minimum 30 per cent tax on discretionary trusts from July 1, 2028, which the government says will make the tax system fairer and fund income tax cuts for workers.
- Opposition Senate Leader Michaelia Cash branded the changes "toxic taxes," arguing they unfairly target small businesses already struggling with rising costs and could force 240,000 companies to restructure operations.
- The Greens will send the legislation to a Senate inquiry, concerned that charitable exemptions could allow wealthy families to pay private school fees through trusts tax-free, with economic spokesperson Nick McKim warning the bill will not get a "free pass."
- Housing Minister Clare ONeil pointed to $3.8 billion in additional small business support announced in the recent Budget and three years of rollover relief starting July 2027 to help businesses transition before the 2028 implementation.
- Treasury projects the changes will raise $4.5 billion annually by 2029/30, though accounting expert Dale Boccabella warned the complex legislation could create unintended loopholes and force businesses to face tens of thousands in restructuring costs.
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14 Articles
14 Articles
Greens warn of private school fees loophole in Labor's trust tax
Treasurer Jim Chalmers is preparing to introduce legislation for a 30 per cent tax on discretionary trusts on Wednesday amid fierce business opposition, but has been presented with another obstacle from the Greens.
·Ultimo, Australia
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Coverage Details
Total News Sources14
Leaning Left8Leaning Right1Center3Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 25%
Factuality
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