In 2017, Labor leader Bill Shorten outlined a plan to tax trusts at 30% that would raise $17.2 billion over 10 years. Shorten said the extra revenue could be used to fund services such as education and health, while he stressed that the 30% tax plan would not be applied to farms or charity trusts. Shorten also said that his trust tax proposal would have no impact on 98% of wage earners and fits within Labor’s inequality agenda.
Today, a report commissioned by the Australian Tax Office (ATO) has shown that wealthy people are funnelling billions of dollars per year into private trusts and avoiding paying tax. From The ABC: