Opened the debate
Chalmers argued that the bill addresses long-standing issues with discretionary trusts, which allow high-income earners to pay lower effective tax rates than workers. Chalmers stated that the reforms would impose a 30 per cent minimum tax on discretionary trusts from 1 July 2028, while excluding fixed trusts, charitable trusts, and superannuation funds. The Treasurer emphasized that these changes would improve tax system integrity and sustainability, particularly for future generations. Chalmers also highlighted that the bill includes provisions to assist small businesses with restructuring and clarifies negative gearing rules to support new housing supply.