Alison Penfold (Lyne, National Party) | Link to this | Hansard source

My question is to the Assistant Treasurer. Australia's not-for-profits' donors trusts, including non-government schools and churches, will now be impacted by Labor's minimum 30 per cent tax on trusts. How much do not-for-profits stand to lose from the effects of Labor's toxic taxes?

Daniel Mulino (Fraser, Australian Labor Party, Assistant Treasurer) | Link to this | Hansard source

I thank the honourable member for the question. I reiterate the points the Treasurer made: that there are a number of very clear exemptions when it comes to trusts from the policies that have been announced—charitable trusts and fixed trusts. And I undertake that the policy we are putting forward in this budget is to better align taxation arrangements for those who receive income from work as opposed to those who receive income from capital and from trusts. That is something that has been called for for a long time.