CANBERRA, ACT, Oct. 14 -- The Treasurer of Australia issued the following media release:
The Albanese Government has introduced the next tranche of legislation to implement the most ambitious tax reform package in a generation.
These reforms are all about making the tax system fairer and more sustainable and funding income tax cuts for Australian workers.
This legislation introduces a minimum tax on discretionary trusts from 1July 2028 to better align the tax treatment of income from assets and income from wages and salaries, which is how most people earn a living.
There are legitimate reasons to use a trust, but they also allow a small number of people to plan their tax affairs in ways that aren't available to most Australians.
More t...