Farm families face stamp duty costs Labor didn't spell out
Labor's 2028 trust tax could cost farm families thousands in state stamp duty.
Labor's trust tax reforms start July 2028. A 30 percent tax rate will apply to discretionary trust income.
State and territory governments haven't clarified if stamp duty will apply to restructuring. Farming families face potentially large hidden costs.
Transfer duty of 5.5 to 6 percent could greatly raise farm restructuring costs. About 850,000 discretionary trusts nationwide must decide whether to restructure or accept the new rate.
Professional bodies have asked all states and territories to provide certainty. Trustees need this before making a permanent choice.
Professional advice costs alone could reach 2 billion to 2.8 billion dollars.
- 30 percent
- Tax rate on trust income
- 850,000
- Discretionary trusts nationwide
- 2 billion to 2.8 billion dollars
- Professional advice costs
- July 2028
- Effective date
Why it mattersFarm families must make permanent decisions about their business structure before knowing the full cost.
AustraliaAustralian farming families face potential stamp duty bills and high advisory costs when restructuring trusts under Labor's 2028 reforms, with state tax rules still unclear.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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