Show Notes
When tax reform moves faster than it thinks, traps will appear and adverse reactions follow.
This week on Exchanges, we sit down with John Storey, Tax Counsel at The Tax Institute and one of Australia’s most experienced tax lawyers and public policy advocates.
The big topic: Australia’s recent tax changes and the rushed reform process on discretionary trusts. John unpacks what these changes actually mean for small businesses and investors and whether a system already straining under its own complexity can absorb yet another layer of reform without serious consequences and massive cost implications.
From the unintended impacts on family businesses to the broader questions about how tax policy gets made in this country, John has an insight on this issue like no other.
To Follow John click here: Website: https://www.taxinstitute.com.au/about-us/tax-policy-advocacy/john-storey LinkedIn: https://www.linkedin.com/in/john-storey-a1865468/?isSelfProfile=false
Chapters 01:03 The compressed consultation process and its impact 03:38 Why the minimum trust tax is a major change 06:22 Trusts versus corporate structures under new rules 08:11 Timing and uncertainty for trust owners 09:17 Justification for the 30% baseline tax rate 11:37 Impact on middle-market small businesses 15:31 Legislative changes and the lock-in of beneficiaries 16:54 Restructuring challenges and government relief measures 18:34 The irrevocable election and its consequences 20:39 Rapid policy changes and legislative rollouts 22:07 The influence of politics and Treasury in policy design 24:46 The role of Treasury and policy piecemeal approach 28:14 Future reform prospects and the need for systemic overhaul 32:41The case for a simpler, more efficient tax system 36:49 John’s vision: abolishing tax concessions for a leaner system Hosted on Acast. See acast.com/privacy for more information.
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