Small business calls for exemption from 30% trust tax
The Albanese government proposes a 30 per cent minimum tax on discretionary trusts. Small business groups warn it will force costly restructures.
The Albanese government is proposing a 30 per cent minimum tax on discretionary trusts. An inquiry into the plan opened on Thursday.
Small business groups want an exemption for firms with less than $10 million annual turnover. Business owners say the change could force expensive restructures to protect assets legally.
The Council of Small Business Organisations Australia warned about the tax. It targets a legal structure used by hundreds of thousands of small businesses.
Committee recommendations are due November 13.
- 30 percent on discretionary trusts
- Proposed minimum tax rate
- Less than $10 million annual turnover
- Small business threshold sought
- Hundreds of thousands
- Businesses using discretionary trusts
- November 13
- Committee recommendation deadline
Why it mattersIf enacted, small business owners could face thousands in restructuring costs. Or they could face higher tax bills. This happens during a cost-of-living squeeze.
