Albanese winds back tax hikes for small businesses, start-ups, testamentary trusts

Prime Minister Anthony Albanese announced tax relief for small businesses and testamentary trusts on Tuesday in Sydney. The government will expand capital gains tax concessions for businesses earning up to $10 million, impacting approximately 2.7 million entities, while all discretionary testamentary trusts remain exempt from a proposed minimum tax. These measures are expected to cost the budget $475 million.

Summary by Glance · Brisbane Times