It's no surprise to those of us on this side of the House that Labor has found yet another way to come after the money of hardworking Australians—this time with a 30 per cent minimum tax on discretionary trusts. Labor would have Australians believe that these trusts are the preserve of the super wealthy, but at least 350,000 small businesses across Australia use discretionary trusts, and today I want to bring to the House the stories of some of those businesses in Barker. We're talking about farming families, tradies, small-business owners and retirees. They're people who've worked hard, taken risks and built something for their families. These aren't the super wealthy. These are hardworking Australians. They're the people who employ locals, support community organisations and keep regional economies moving.

Last week I met with the deeply concerned directors of an accountancy firm in Naracoorte. They were alarmed by the implication of Labor's tax grab and the impact it's going to have on their clients who are ordinary people who've done the right thing, sought professional advice and structured their affairs lawfully, only to find Labor is moving the tax goalposts. Let me share two examples. The first example is a retired farming couple that's living on leased income distributed through a family trust. Their taxable income is $90,000, with a current tax bill of about $8,000. Under the proposed minimum tax, their accountants estimate that their tax bill could rise to $27,000. That's an additional $19,000 in tax. These aren't wealthy jetsetters. They're ordinary Australians who've worked hard, saved and planned for retirement.

The second example is a plumber. He has put his family home on the line to establish a business while using a trust to manage risk and support his employees. His accountants are concerned the proposed changes could make it more financially attractive to close his business and work for someone else. 'And so what?' I can hear those opposite asking. I'm going to tell you what. That's a young apprentice losing the opportunity to learn a trade locally. That's a customer losing choice and competition. That's a local footy club losing a sponsor. And, if he has to leave town, that's two children lost from the local school. That's the ripple effect of a tax change conceived in Canberra but felt in rural communities, and I doubt those opposite gave that a second thought.

The Liberal Party has long argued that Labor doesn't understand small business. The Treasurer has never had to lie awake, as I have, wondering whether there's enough money in the bank to pay Thursday's wages. He's never had to put his family home on the line to back a business he believes in. And he's never had to choose between paying himself or paying an employee. That's the difference between making decisions about businesses and actually running one, and the costs don't stop with the tax bill. The Naracoorte accountants told me their clients could face thousands of dollars in fees to restructure their affairs. That's money diverted from equipment, apprenticeships and jobs. That's why the Liberals have committed to abolishing Labor's toxic trust tax.