Businesses busting arse' to be punished by tax bill

Key points

• Treasurer Jim Chalmers has introduced legislation to change the tax treatment of discretionary trusts, arguing they allow some wealthy people to manage their tax in ways most workers cannot. The government needs Greens support to pass the bill and is unlikely to see it passed before late 2026, as the Greens push for a Senate inquiry.
• Business groups say trusts have legitimate uses, while opposition leader Angus Taylor and Liberal senator Michaelia Cash say the changes would hit small businesses.
• Chalmers has suggested fewer than 10 per cent of small businesses would be affected.