DISCRETIONARY trusts to be taxed at 30%

Additional Information

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.