NSW shields businesses from extra stamp duty on federal trust tax
NSW Labor pledges to exempt businesses using the federal arrangement from state stamp duties if re-elected.
Federal Treasurer Jim Chalmers introduced a 30 per cent minimum tax on trusts this week, but businesses fear they could face costly state stamp duties on top. NSW Treasurer Daniel Mookhey has now promised a re-elected Labor government would shield businesses using the Excluded Election Trust arrangement from state taxes.
Mookhey said he worked with Chalmers ahead of the move to give business certainty as early as possible. Business NSW backed the pledge, noting that 35 per cent of businesses want tax cuts as their top priority.
The commitment comes ahead of March's NSW election.
- 30 per cent
- Federal minimum tax on trusts
- 35 per cent
- Businesses prioritizing tax cuts
- March next year
- NSW state election
Why it mattersRemoves a major cost barrier that could otherwise stop businesses choosing Chalmers' new trust tax arrangement.
Corroborated bycanberratimes.com.au
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