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Dozens of politicians set to be hit by new tax on trusts

The Sydney Morning Herald·Matthew Knott·20 days ago
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Dozens of federal politicians are set to be hit by the Albanese government’s biggest new revenue raiser in this year’s budget: the plan to introduce a 30 per cent minimum tax on discretionary trusts. Almost one in three members of parliament – around 70 in total – have disclosed that they or a family member have at least one form of trust, with Coalition MPs the most likely to use a trust as an investment vehicle. Queensland MP Andrew Willcox is federal parliament’s biggest user of trusts. Alex Ellinghausen Nationals MP Andrew Willcox is easily the biggest user of trusts in parliament, listing an interest in 17 trusts in his parliamentary register. Labor MP Libby Coker lists an interest in seven trusts, Liberal MP Rick Wilson lists six and independent MP Allegra Spender five. Spender said she supported the government’s efforts to reduce tax concessions for trusts, as well as capital gains tax and negative gearing, to make the system fairer.…

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