Trust tax changes put New England businesses on alert

Key points

• Business owners in the New England North West are being urged to consult their advisers as federal trust tax reforms could add thousands of dollars to costs. Legislation introduced to parliament would impose a 30 per cent minimum tax on discretionary trusts, a measure first flagged in the May budget.
• The government argues the trust structure undermines fairness, while business groups say trusts serve legitimate purposes such as asset protection.
• Assistant Treasurer Daniel Mulino said costs should be in the thousands rather than tens of thousands, with a transition period available.