QUESTIONS WITHOUT NOTICE

Senator WONG (South Australia—Minister for Foreign Affairs and Leader of the Government in the Senate) (14:42): Again, I say this: 95 per cent of Australians do not get any trust income; 95 per cent of Australians don't get any— Opposition senators interjecting— Senator WONG: The vast majority of Australians will not be affected by these changes. Ninety-five per cent of Australians receive no income from trusts.

The advice I have is farming income will be exempt. Farming income will be exempt, and the government has and will— Senator WONG: What I was going to say is that, obviously, the government is consulting about— Senator WONG: I would make two points. The first is that the 30 per cent tax on distributions from discretionary trusts commences in July 2028, so you might have a smart alec interjection there, Senator Canavan, but the reality is that this is not coming into effect until July 2028.

The second point I would make is that— (Time expired)