Trust tax changes coming for big four and top-tier law partners
Not paywalled, so instead of breaching copyright I'll just provide some choice quotes:
>Partners said the effect of the budget change would be notable but not significant. “If people make a million or 2 million, it’s not chicken shit. People can save about 50 grand a year or so on tax,” said one partner at an international law firm.
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>“It’s going to hit a lot of partners,” said another big four alumnus. “That’s unfair. But people who can’t use trusts in this way would also think [the existing system was] unfair.”
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>“I don’t really care,” said one partner at a leading national firm. “Most of me and my friends are too busy paying off [our] mortgages.”
>Another partner called the existing system “completely unfair in the first place”. “The initial impact is low, but over a 10-year period that’s where it becomes material,” he said of the pending changes.
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>Collapsing the trust would “take away the complexity, the end of year minutes”. And you wouldn’t need an accountant. “No one wants to deal with an accountant.”