Minimum trust tax a new tax on tradies
The Housing Industry Association says the Federal Government's proposed minimum tax on family trusts would work as a new tax on tradies, builders and small family businesses. It also warns the change would create costly complexity.
How will the proposed minimum tax on family trusts affect my tradie business?
Builders, carpenters and other tradies who run their business through a family trust could face a higher tax bill and extra compliance costs, which would squeeze cash flow and profit margins.
Key takeaways
- The HIA says the proposed minimum tax on family trusts is effectively a new tax on tradies.
- The proposal is a Federal Government measure that targets family trusts.
- Builders and small family businesses that operate through trusts could be affected.
- The HIA warns the change would add costly complexity for small businesses.
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