CANBERRA, ACT, July 8 -- The Treasurer of Australia issued the following media release:
The Government is today releasing a consultation paper on the implementation of the minimum tax on discretionary trusts.
These reforms are all about making the tax system fairer by better aligning the tax rate on trust income with tax rates paid by workers, and will help fund income tax cuts for workers.
Creating a fairer tax system is a key aim of our ambitious tax reform package, along with making it easier to buy a first home and cutting income taxes for workers again and again.
Discretionary trusts allow some people to plan their tax affairs in ways that aren't available to most Australians.
From 1July 2028, trustees will pay a minimum tax of 30...