Australian Chamber of Commerce and Industry Opposes Proposed Trust Tax Hike
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
The government is planning to introduce a minimum 30 per cent tax on discretionary trusts. Andrew McKellar, chief executive of the Australian Chamber of Commerce and Industry, stated that this tax would affect 240,000 small businesses. McKellar also rejected a proposed workaround from Labor, calling the exemption inflexible and unworkable.
From yasstribune.com.au
Why it matters
The proposed tax change directly impacts the financial structure of a large segment of the Australian business community. The Chamber of Commerce and Industry warns that the tax would force many small businesses to restructure, incurring significant legal and financial costs.
From yasstribune.com.au
Who's involved
- Australian Chamber of Commerce and IndustryAustralian business organization opposing the tax hike
- Andrew McKellarChief executive of the Australian Chamber of Commerce and Industry
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Australian Chamber of Commerce and IndustrySpeculative
Small businesses might face increased legal and financial costs due to required restructuring to comply with the new tax.