In the lead up to the federal election, whether you follow politics or not, it is likely that you have heard a few of the legislative changes that the political parties are intending to introduce should they win the election. The changes to the taxation of Discretionary Trust distributions are one of the many changes that the Australian Labor Party (Labor) is looking to introduce under their “A Fairer Tax System For All Australians” reform. Given Labor is tipped to win the election we thought it would be relevant to go through how this tax reform may impact you.
The main superannuation and tax measures proposed within the 2019 budget are listed below. It must be noted however that the following announcements will need to be legislated in order to be implemented.