TIME TO FIX: The Austrtalia Institute executive direc
tor Ben Oquist says with Australia facing a revenue crisis and trusts being used to avoid and minimise tax,
TIME TO FIX: The Austrtalia Institute executive direc tor Ben Oquist says with Australia facing a revenue crisis and trusts being used to avoid and minimise tax, "this is an area ripe for reform”.

51% of trust income to wealthy

A NEW report using Australian Taxation Office data says the equivalent of 21.6% of national income is run through trusts.

Written by The Australia Institute senior research fellow David Richardson, the report says ATO figures show there are 823,448 trusts with assets of $3.1 trillion and total business income of $349.2 billion.

People with taxable incomes of more than $500,000 accounted for just 0.43% of the population but received 51% of all trust distributions. The 96% of Aussies earning under $180,000 received just 13% of trust income.

Institute executive director Ben Oquist said: "Huge amounts of money are being washed through trusts ... yet they remain the domain of a small number of people, most of whom are very wealthy.

"The Henry review into taxation recommended updating and rewriting the rules around trusts but that advice has, to date, been largely ignored ... this is an area ripe for reform.”



Apology handed down to Ipswich residents at the 11th hour

premium_icon Apology handed down to Ipswich residents at the 11th hour

"There has been a stench over council and I want to see that lifted"

2020 election too soon to call for veteran councillors

premium_icon 2020 election too soon to call for veteran councillors

Both reluctant to make a call on running again in 18 months

Homeless man the victim of 'brutal, cowardly' street bashing

premium_icon Homeless man the victim of 'brutal, cowardly' street bashing

Magistrate horrified by young attacker's assault

Local Partners