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Australia's Labor Government Imposes New Trust Tax
Description
Australias Labor government introduces a 30% minimum tax rate for new discretionary testamentary trusts, effective July 1, 2028. Existing and fixed trusts are exempt. The move aims to address intergenerational unfairness, as discretionary trusts have doubled in two decades and are primarily held by the wealthy. Small businesses and others can switch to fixed trusts without penalty. The decision sparks controversy, with opposition leader Angus Taylor labeling it a death duty and Labor accusing him of a scare campaign.
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