Taxation
Background
The opposition leader cited recent tax policy reversals by the Treasurer and alleged the introduction of a new tax on babies.
Question
The member asked whether the Prime Minister would intervene to cancel the Treasurer's proposed tax changes, characterising them as harmful to families.
Answer from Jim Chalmers
The Treasurer dismissed the opposition's credibility on tax matters, citing their own proposals to increase income taxes. He explained that the budget changes regarding trusts were optional and designed to align tax treatment with ordinary workers while reducing restructuring costs. He noted that Treasury analysis indicated families with discretionary trusts paid lower average tax rates than similar non-trust families, with the majority of trust wealth held by the top 10 per cent of households. He stated that over 95 per cent of individual taxpayers would not be affected and confirmed that Treasury was consulting on the legislation in the usual way.
Summary in reported speech - not a transcript. AI-generated, so check the source.
Read on OpenAustralia · Official Hansard (APH) · 1 point of order raised