The vast majority of small businesses don't operate through a trust. Less than 10 per cent of small businesses will be affected in any given year. The introduction of a minimum tax on discretionary trusts will improve the fairness, the integrity and sustainability of the tax system by broadly aligning the tax on distributions with the tax an average worker pays.

We are also legislating to implement tax incentives that support innovation and investment. The package is about backing small businesses and start-ups, including in the biotechnology and medical technology sectors, supporting more research and innovation and ensuring a more sustainable tax system. Taken together with our previous changes to negative gearing and capital gains tax, our reforms will make it easier for first home buyers to buy their first home. They will rebalance incentives towards investment, they will make the tax system fairer for workers, they will boost productivity, and they will support small business.