Show us the evidence: accountants on trust tax rise

A lot of small business have their family assets in a trust to protect them from creditors. (Image: Getty)

Tue, 30 May 2023

The government owes it to taxpayers to say what it found when it made them spend time and money on new trust disclosure rules, says the Chartered Accountants of Australia & New Zealand.The call comes after the budget decision to raise the trust tax rate to 39% from April next year to align it with the top personal income tax rate, which rose to 39% two years ago.BusinessDesk reported today on the fact that the government made this decision without having any evidence from its new trust disclosure regime.“Twelve months ago, the governm...

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