Trusts tax reform set to go ahead under Labor
After first being announced in 2017, Labor’s proposed tax for discretionary trust distributions is shaping up to be a key election issue.
About two years ago, opposition leader Bill Shorten announced that Labor would reform the taxation of discretionary trusts to prevent income from being allocated to household members in lower tax brackets.
As part of its reforms, Mr Shorten outlined that :-
Labor would introduce a minimum 30 per cent tax rate on all trust distributions to adult beneficiaries if elected in 2019.
Following the release of a report on trusts