Senator Warns Trust Tax Changes Could Cost Australia’s Olympic Committee Millions
An AOC submission to the Treasury points to an estimated funding reduction of $2.5 million a year, or $10 million for each Olympic cycle.
TL;DR
- Senator Bridget McKenzie claims government may need to fund Olympic athletes with extra taxpayer dollars.
- This is due to consequences of proposed changes to discretionary trusts.
- The Labor government plans a 30 percent minimum tax on taxable income of discretionary trusts from July 1, 2028.
- The Australian Olympic Foundation uses a trust to generate income for the Australian Olympic Committee.
- The Australian Olympic Committee estimates a potential funding reduction of $2.5 million a year, or $10 million per Olympic cycle.