Senate debates Questions without Notice

Taxation


Penny Wong

Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs

2:45 pm

In terms of those who are affected, about 95 per cent of tax filers do not receive discretionary trust distributions; five per cent do. It is about 810,000 people, I think, in 2022-23. On average, families with discretionary trusts in that year face an average tax rate about four percentage points lower compared with similar families. What I would say to you, Senator, is that I'm sure you can, through estimates, unpack where the revenue is coming from. I would make the point that this change does not start till 2028. Let's remember that they are arguing for the 10 per cent; we are arguing for the 90 per cent. That is the truth of this discussion. They are arguing for the 10 per cent, and we are ensuring that, by doing this, we deliver a tax cut for Australians everywhere. (Time expired)

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