Economy · World
Australia Offers Concessions on New Trust Tax for Small Businesses
The Australian government has introduced a new minimum 30 per cent tax on discretionary trusts, impacting small businesses. To address concerns, the government is offering a concession: trusts can be exempt from this new tax if they agree to maintain constant trust distributions. This measure aims to provide a workaround for businesses that utilize discretionary trusts, preventing the need for significant restructuring. The new tax had previously been reported to be causing a 'grinding halt' in the formation of family trusts.
How outlets across the spectrum covered it
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- Centre (3): ABC Australia, Australian Financial Review, The Sydney Morning Herald