"Emboldened by the public reaction - or lack thereof - to Labor's proposals to water down the capital gains tax and negative gearing benefits, Bill Shorten this week pledged to crach down on family trusts".
Broadly, trusts are used for two purposes by small businesses, professionals and wealthy families: for the operation of a business or as an investment vehicle. They provide benefits such as asset protection and capital gains tax benefits. Chapman Eastway's CEO Sean Cortis discusses the implications of the Labor leader's plan to tax distributions from family trusts at 30 per cent.
To read the full article by Sally Patten and Joanna Mather, please click here.