Tax laws in Australia are beginning to change. Many leftists in the state want to raise revenue in the country by asking people with larger family estates to pay more taxes on those estates.
Some lawmakers believe that removing some of these tax havens out there could raise as much as 5 million dollars in new revenue. The revenue that is used for the removal of these tax shelters could be used for different water conservation projects. People in Australia are concerned about issues like water conservation.
- About one in five Australian dollars come from or are otherwise connected to trusts.
- While trusts can act as tax havens in Australia, they’re a financial tool for individuals of all wealth levels.
- Many small businesses currently funnel their financing through family trusts, which could be in danger if the proposed tax goes through.
“The Opposition has suggested family trusts could be in the firing line in the near future with a proposed 30 per cent tax on earnings from family trusts”