Charitable Donations Could Drop Under Labor’s CGT Overhaul: Charity Groups
The testimony comes as Labor's charity minister called on Australians to donate more to philanthropy.
TL;DR
- Charities and philanthropic organisations may be impacted by the federal government's plan to introduce a minimum 30 percent tax on capital gains and discretionary trusts.
- This issue was discussed at a Senate Economics Legislation Committee hearing with representatives from the ATO and Department of Treasury.
- The government announced in the federal budget that it will replace the current 50 percent discount on profits with a flat 30 percent tax and an inflation-linked system.