Australia Labor government adjusts family trust tax policy

The Australian Labor government has adjusted its stance on family trust taxation, allowing trusts to avoid a proposed 30 per cent minimum tax. To qualify for this exemption, beneficiary splits must be permanently locked in.

Treasurer Jim Chalmers expressed optimism regarding the economic outlook, noting that despite concerns over rising bond yields and house prices, most bank predictions anticipate a recovery in the housing market next year.

In regulatory news, the Australian Securities and Investments Commission (ASIC) has called for increased transparency and data within the private credit sector following the collapse of Bathla.