In 2017, 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.
Read more at the Accountants Daily.
Restructuring trusts could trigger ‘murky taxes’
With some SMSFs looking to make changes to the trusts they invest in to ensure Labor’s proposed trust tax doesn’t apply, an industry lawyer has warned that in the process of changing the deed, they could be hit with other significant taxes.
