Aug 8, 2026 – 5.00amThe Albanese government’s handpicked small business advocate has warned that Labor has significantly underestimated the restructuring costs caused by its trust tax crackdown and urged Treasurer Jim Chalmers to secure state stamp duty exemptions for asset transfers triggered by the reform.An estimated 350,000 small businesses operate through discretionary trusts and many distribute profits to a company, but this common financial structure will need to be unwound due to potential double taxation at rates of between 60 per cent and 70 per cent from July 1, 2028. The government’s planned minimum 30 per cent tax on discretionary trust distributions is forecast to raise more than $4 billion extra revenue a year.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles