Housing Industry Challenges $141 Million Regulatory Cost Estimate for Trust Tax Reforms
Housing industry representatives say government analysis has not gone far enough.
TL;DR
- Housing industry representatives challenge the government's estimate of $141.5 million (US$97 million) in annual regulatory costs for proposed discretionary trust tax reforms.
- They warn that the reforms could impose a considerably greater financial burden on businesses than projected.
- The proposed 30 percent minimum tax on discretionary trusts is expected to affect numerous smaller building and construction companies.
- The Housing Industry Association's CEO stated that the government's estimate did not adequately assess the potential business consequences.