ABC News – Top stories
·general
·1 hour ago
Government targets tax benefits wealthy families gain through trusts arrangements
Australia's federal budget Tuesday will include changes to trust taxation, Treasurer Jim Chalmers announced. Economists say trusts function as a "tax breakfast buffet" for wealthy families, allowing income splitting and substantial tax reductions through discretionary distribution among beneficiaries. Labor's previous proposal imposed a 30 percent minimum tax on trust distributions, though specific reform details remain unclear.
Summary by Glance · ABC News – Top stories
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