Opposition slams Labor’s ‘mad’ trust tax as proposal hits parliamentThe government insists most small businesses won’t be affected, but the opposition says that’s no comfort to those who are.3 min read

7NEWS10-14

The Opposition has unleashed on Labor’s proposed 30 per cent minimum tax on discretionary trusts, warning small businesses could face billions of dollars in restructuring costs before paying a cent in...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2675147393?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-10-14 00:00","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2675147393","market":"nz","top_or_hot":-1,"title":"Opposition slams Labor’s ‘mad’ trust tax as proposal hits parliamentThe government insists most small businesses won’t be affected, but the opposition says that’s no comfort to those who are.3 min read","media":"7NEWS","content":"<div>\n<p>The Opposition has unleashed on Labor’s proposed 30 per cent minimum tax on discretionary trusts, warning small businesses could face billions of dollars in restructuring costs before paying a cent in...</p>\n\n<a href=\"https://7news.com.au/sunrise/opposition-tears-into-labors-proposed-tax-changes-as-small-businesses-face-potential-shake-up-c-23014864\">Source Link</a>\n\n</div>\n","source":"7news_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opposition slams Labor’s ‘mad’ trust tax as proposal hits parliamentThe government insists most small businesses won’t be affected, but the opposition says that’s no comfort to those who are.3 min read</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpposition slams Labor’s ‘mad’ trust tax as proposal hits parliamentThe government insists most small businesses won’t be affected, but the opposition says that’s no comfort to those who are.3 min read\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-10-14 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://7news.com.au/sunrise/opposition-tears-into-labors-proposed-tax-changes-as-small-businesses-face-potential-shake-up-c-23014864><strong>7NEWS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Opposition has unleashed on Labor’s proposed 30 per cent minimum tax on discretionary trusts, warning small businesses could face billions of dollars in restructuring costs before paying a cent in...</p>\n\n<a href=\"https://7news.com.au/sunrise/opposition-tears-into-labors-proposed-tax-changes-as-small-businesses-face-potential-shake-up-c-23014864\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ISCB","symbol_name":"iShares Morningstar Small-Cap ETF","start_time":0,"source_url":"https://7news.com.au/sunrise/opposition-tears-into-labors-proposed-tax-changes-as-small-businesses-face-potential-shake-up-c-23014864","article_id":"2675147393","we_media_id":null,"thumbnails":[],"rights":{"source":"7news_stock","url":"https://7news.com.au/sunrise/opposition-tears-into-labors-proposed-tax-changes-as-small-businesses-face-potential-shake-up-c-23014864","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2675147393","pubTimestamp":1791907200,"columns":[],"sourceInfo":{"source_id":"7news_stock","name":"7NEWS"},"weMediaInfo":null,"summary":"However, Cash argued the changes would still leave a significant number of businesses facing substantial costs.‘Stark raving mad’“Let’s be clear, they are slugging the backbone of the Australian community, our small and family businesses, with yet another tax,” she said.She pointed to rising power bills, interest rate increases, and struggling customers, arguing the proposed changes would add to the pressure on businesses. “Labor’s answer, let’s slug you with another tax. Stark raving mad,” she said.“Why would you be a small business in Australia under Anthony Albanese?”Opposition Senate Leader Michaelia Cash branded the changes “toxic taxes” in a fiery exchange with Housing Minister Clare O’Neil. Credit: SunriseShe also questioned the government’s claim that most small businesses would not be affected, arguing the impact on those that were caught by the changes was significant enough to warrant concern.“The fact that some are is bad","collect":0,"end_time":0,"defaultTopTitle":"7news.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"ISCB":"iShares Morningstar Small-Cap ETF"},"translate_title":"反对党抨击工党的 “疯狂 ”信托税提案提交议会 政府坚称大多数小企业不会受到影响，但反对党表示，这对那些受影响的小企业来说并不是什么安慰。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ISCB":1.5},"content_text":"The Opposition has unleashed on Labor’s proposed 30 per cent minimum tax on discretionary trusts, warning small businesses could face billions of dollars in restructuring costs before paying a cent in additional tax. Opposition Senate Leader Michaelia Cash branded the changes “toxic taxes” in a fiery exchange with Housing Minister Clare O’Neil, accusing the Albanese Government of slugging businesses already struggling with rising costs. WATCH THE VIDEO ABOVE: Government’s 30 per cent trust tax sparks small business backlashKnow the news with the 7NEWS app: Download today ArrowThe proposed reforms would introduce a minimum 30 per cent tax on the taxable income of discretionary trusts from July 1, 2028, in a move the government says will make the system fairer and help fund income tax cuts for workers. But Cash said businesses were being unfairly targeted, arguing they were already paying tax and could face additional financial pressure.She hit out, arguing businesses are “not a bottomless ATM for Anthony Albanese and Jim Chalmers”.What the proposed trust tax would changeUnder the current system, discretionary trusts can distribute income among eligible beneficiaries, who generally pay tax at their own marginal rates.The government argues the flexibility can allow some families to pay less tax than people earning comparable income through wages. But discretionary trusts are also used by some small and family businesses, including for business succession and asset protection, meaning the proposed changes could require some operators to reconsider how their affairs are structured.Be the first to know: Add 7NEWS as your preferred news source on GoogleMore than 90 per cent of small businesses are expected to be unaffected, according to the government, which said fixed trusts, charitible trusts and several other categories will be exempt. The government has also proposed three years of rollover relief from July 2027 to help eligible businesses restructure their affairs without triggering certain immediate tax liabilities.\nHowever, Cash argued the changes would still leave a significant number of businesses facing substantial costs.‘Stark raving mad’“Let’s be clear, they are slugging the backbone of the Australian community, our small and family businesses, with yet another tax,” she said.\nShe pointed to rising power bills, interest rate increases, and struggling customers, arguing the proposed changes would add to the pressure on businesses. “Labor’s answer, let’s slug you with another tax. Stark raving mad,” she said.“Why would you be a small business in Australia under Anthony Albanese?”Opposition Senate Leader Michaelia Cash branded the changes “toxic taxes” in a fiery exchange with Housing Minister Clare O’Neil. Credit: SunriseShe also questioned the government’s claim that most small businesses would not be affected, arguing the impact on those that were caught by the changes was significant enough to warrant concern.“The fact that some are is bad enough,” she said.\n“You’re talking about mums and dads who wake up every morning. They take a risk. They do the hard work that government needs them to do.”Cash said the Coalition would oppose the tax and promised to scrap the changes if they passed Parliament.\n“We will back in small and family business every step of the way,” she said.\n“Why? Because they are the job creators in this country.”Government defends changes as a matter of fairness\nO’Neil defended the reforms, arguing the government wanted to reduce the disparity between the tax paid by wage earners and those receiving income through discretionary trusts.\n“If you’re earning your income through a trust, it might be through property, through shares, those sorts of ways, you’re paying much less tax than someone who’s earning their wages as a nurse,” she said.\n“We think that needs to be rebalanced so we can get the government in a position to give further tax cuts to the hardworking people of this country.”O’Neil acknowledged the changes would affect some businesses but said the government was providing support to help them transition.She also pointed to $3.8 billion in additional small business support announced in the recent Budget, saying businesses had time to prepare before the changes took effect.“These changes do not take effect until the middle of 2028,” she said.\n“But again, all tax reform in this country is really difficult. But this is really important. We’ve got to have a fair tax system in this country.”\nGovernment secures year-long delay to ATO credit card payment ban2 min readStark warning about Australia’s emergency departments: ‘Not equipped’2 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.52.0","shortVersion":"4.52.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2675147393","isCrawlerRequest":true}