A proposed measure from 1 July 2028 imposing a minimum 30% tax on net trust income, regardless of which beneficiary the trustee streams to.
Mechanic: the trust group pays whichever is higher - the sum of beneficiary tax under current streaming, or 30% of net trust income. Targets the income-splitting advantage of discretionary trusts. Comes with a restructure-relief window (July 2027 to June 2030) so trusts can convert without immediate CGT and stamp duty hits.