NSW vows to shield businesses from federal trust tax

Summarised from 2 outlets · Updated 15 Oct, 03:02 · Archive

NSW Treasurer Daniel Mookhey pledged a re-elected Labor government would protect businesses from state stamp duties linked to federal trust tax changes.

Federal Treasurer Jim Chalmers introduced 30 per cent minimum trust tax legislation to federal parliament on Wednesday, drawing pushback from the coalition, business and facing a looming Senate review. The change has sparked uncertainty about whether businesses could incur costly state stamp duties as a consequence.

NSW Treasurer Daniel Mookhey vowed that a re-elected Labor government would shield businesses from this outcome. He said he had worked with the federal treasurer ahead of the move to give business 'as much certainty as possible, as early as possible'. Businesses using the Excluded Election Trust arrangement would not incur relevant state taxes under his pledge.

Business NSW welcomed the commitment. 'Business owners have enough on their plate without worrying whether opting into a new federal tax arrangement could trigger a significant stamp duty bill,' the group's chief executive Daniel Hunter said. A Business NSW conditions survey found that 35 per cent of businesses want reducing taxes and charges to be the top priority for the next NSW government. The pledge comes ahead of the NSW state election in March next year.

How it is being reported

• State vows duty shield against controversial trust taxA state government has weighed into a controversial proposed tax tweak, pledging businesses won't cop a financial hit from their federal teammates' move.Perth Now · 15 Oct, 02:43
• State vows duty shield against controversial trust taxA state government has weighed into a controversial proposed tax tweak, pledging businesses won't cop a financial hit from their federal teammates' move.The West Australian · 15 Oct, 02:43

In this story: Jim Chalmers · Daniel Mookhey · NSW · Business NSW

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