Dozens of politicians set to be hit by new tax on trusts

Australia's government plans to impose a 30 percent minimum tax on discretionary trusts starting 2028, expected to raise 4.4 billion dollars annually. Around 70 federal politicians, including Nationals MP Andrew Willcox who holds 17 trusts, have disclosed trust interests. The tax targets high-income earners using trusts for income splitting, though farming operations will be exempt.

Summary by Glance · The Age