QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:38): Senator, I again—I'll make a few points to you. The first is: let's remember the bigger picture, which is that we have introduced a minimum 30 per cent tax on distributions from discretionary trusts, which applies from July 2028. Farming income will be exempt, income from all types of discretionary testamentary trusts will be exempt and over 90 per cent of small businesses will not be affected at all.

The vast majority of Australians won't be affected, because the vast majority of Australians don't use trusts to minimise their tax, and, as part of these tax changes, we are delivering a tax cut to the vast majority of Australians. That is what we are doing. Now, you might want to continue to stand in the way of tax cuts for working people—for wage-earning Australians.

We think wage-earning Australians should be getting a tax cut. That's what this tax package is focused on. Most Australians will not be affected by these changes.

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