There are around 718,000 trusts. That means there are around 1.5 million people in business will be affected.
There are ways around this abolition by
- using unit trusts.
- Partnerships can be used as well.
- Paying wages or consultancy fees
Once accountants know this then the 30% taxation of Discretionary trusts by Shorten will largely be useless.
On the other hand, awaiting Shorten's rules on Part 4 etc to stop people getting around 30% discretionary trust tax.