Jul 12, 2026 – 4.00pmMore carve-outs from Labor’s rushed plan to impose a 30 per cent tax rate on discretionary trusts are likely after Treasury flagged it was looking for ideas on how to deal with a potential $3 billion hit to the not-for-profit sector.Churches, sporting clubs and other groups will lose $510 million in the first year the new tax starts if exemptions are not found because they will not be able to use any credit for the tax taken out of distributions from discretionary trusts, according to analysis by Fowler Charity Law, which provides legal services to the not-for-profit sector.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
More carve-outs from trust changes likely after $3b hit to charities
Following retreats on CGT changes and a heavily criticised “death tax” on testamentary trusts, the government is looking for ways to make another budget backdown.
123 words~1 min read
