The Government is improving the fairness of the tax system by introducing a 30 per cent minimum tax on discretionary trusts. Expanded rollover relief will be available for small business and others to support restructuring out of discretionary trusts.
澳大利亚政府将对全权信托（discretionary trusts）引入 30% 最低税率，以提升税收制度的公平性；同时扩大「重组转入豁免（rollover relief）」适用范围，帮助小企业及其他纳税人将业务从全权信托中重组转出。
30% minimum tax on discretionary trusts
全权信托 30% 最低税率
The Government is introducing a 30 per cent minimum tax on discretionary trusts from 1 July 2028. The tax will be paid by the trustee as it is the trustee who controls distributions.
自 2028 年 7 月 1 日起，政府将对全权信托引入 30% 最低税率，由信托受托人（trustee）缴纳，因受托人掌控收入分配权。
Beneficiaries will still need to declare their trust income in their tax returns, but beneficiaries, other than corporate beneficiaries, will receive non refundable credits for the tax payable by the trustee.
受益人（beneficiaries）仍需在报税表中申报相应信托收入；除公司受益人（corporate beneficiary）外，其他受益人可就受托人已缴税款获得不可退还的税务抵免（non-refundable credits）。
How it works
运作机制
Trustees currently pay tax on any income that is retained in the trust, as well as paying tax on behalf of particular beneficiaries (including children). The trustee determines which beneficiaries are to be made presently entitled to the income of the trust and the beneficiary pays tax based on that entitlement at their marginal tax rate.
目前，受托人对保留在信托里的收入须缴税，并代部分特定受益人（含未成年子女）缴税。受托人决定哪些受益人获得「现时受益权（presently entitled）」，受益人则按其边际税率就该部分收入纳税。
Under these changes, the trustee of a discretionary trust will continue to determine the trust income that beneficiaries are entitled to each year, and beneficiaries will continue to be responsible for including trust distributions in their income tax returns. However, the trustee will now pay 30 per cent tax on the taxable income of the trust (unless higher rates apply).
新规下，全权信托受托人仍每年决定各受益人应分得的信托收入，受益人也仍需在报税表中申报相应分配。但受托人将就信托应税收入按 30% 税率缴税（除非适用更高税率）。
Individuals and other non corporate beneficiaries will receive non refundable tax credits for the tax payable by the trustee, which reduces their income tax payable. This recognises the tax already paid, while ensuring the tax paid on that income is not lower than 30 per cent.
个人及其他非公司受益人，可就受托人应缴税款获得不可退还的税务抵免，用于抵减其本身的所得税。该机制既承认了已缴税款，又确保该笔收入的整体税率不低于 30%。
Trustees will be required to calculate, report and pay the minimum tax, as well as to notify beneficiaries of their entitlements and associated tax credits. The mechanism for collecting the minimum tax will be subject to consultation, but is expected to be consistent with established collection mechanisms.
受托人须负责计算、申报与缴纳最低税，并向受益人告知其受益权及对应的税务抵免。最低税的具体征收机制将进一步咨询业界，预计与现行征管方式保持一致。
To ensure the use of refundable franking credits does not undermine the minimum tax:
为防止可退还的「分红抵免（franking credits）」削弱最低税的效果：
Trustees that receive franked dividends will be required to use their franking credits to pay the minimum tax; and
收到含税分红（franked dividends）的受托人，须先以 franking credits 抵缴最低税；以及Corporate beneficiaries will not receive non refundable credits for tax payable by the trustee, to avoid them converting these to refundable franking credits to avoid the minimum tax.
公司受益人不再就受托人已缴税款获得不可退还抵免，避免其将其转化为可退还的 franking credits 以规避最低税。
Key aspects of the changes will be finalised following consultation with stakeholders. As well as the mechanism for collecting the minimum tax, stakeholder views will also be sought on how the trustee uses franking credits that exceed the minimum tax liability, and on the rollover relief provided to support restructuring.
改革的关键细节将在与业界协商后最终确定。除最低税的征收机制外，业界意见还将涉及：受托人持有超过最低税负的 franking credits 如何使用，以及用于支持架构重组的 rollover relief 具体安排。
Rollover relief 重组豁免（Rollover Relief）
Rollover relief will be available to assist small businesses and others that wish to restructure out of a discretionary trust into other arrangements, such as a company or a fixed trust. This will provide expanded relief from income tax consequences, including capital gains tax, for those who choose to restructure, and will be available for three years from 1 July 2027.
政府将提供 rollover relief，帮助希望将业务从全权信托重组转入其他架构（如公司或固定信托 fixed trust）的小企业及其他纳税人。该豁免将免除重组所引发的所得税后果（包括资本增值税 CGT），自 2027 年 7 月 1 日起为期三年。
Exclusions
豁免范围
The minimum tax will not apply to other types of trusts such as fixed and widely held trusts, complying superannuation funds, special disability trusts, deceased estates and charitable trusts.
最低税不适用于其他类型的信托，例如固定信托与广泛持有信托（fixed and widely held trusts）、合规养老金基金（complying superannuation funds）、特殊残障信托（special disability trusts）、遗产管理（deceased estates）以及慈善信托（charitable trusts）。
Some types of income such as primary production income, certain income relating to vulnerable minors, amounts to which non resident withholding tax applies, and income from assets of testamentary trusts existing at announcement will also be excluded.
部分收入类别也将被排除在外，包括：农业生产收入（primary production income）、与处于不利地位未成年人有关的特定收入、适用非居民预扣税的款项，以及公告时已存在的遗嘱信托（testamentary trusts）所持资产产生的收入。
Policy impact
政策影响
Trustees and individuals 受托人与个人
Those that are affected may restructure into a company or fixed trust structure not subject to the minimum tax, or make different decisions about the distribution of income to beneficiaries to reduce their tax liability.
受影响的信托可选择重组为公司或固定信托（不适用最低税），或调整对受益人的分配方式以降低税负。
Small businesses 小企业
Small businesses sometimes use trust structures for tax reasons, despite the drawbacks of trusts for running a business. For example, trusts do not provide a simple way to retain earnings and have more difficulties accessing debt financing or attracting equity finance.
尽管信托在经营层面存在劣势，部分小企业仍出于税务考量选择信托架构。例如，信托没有简便的留存收益（retain earnings）方式，但在获取债务融资或吸引股权投资方面较为困难。
Small businesses will be able to reduce the impact of the minimum tax by employing beneficiaries working in the business, rather than paying them a trust distribution. Payments of salary or wages to employees will not attract the minimum tax.
小企业可通过聘用本来作为受益人的家庭成员（向其支付工资而非信托分配）来减少最低税影响——员工工资薪金不在最低税征收范围内。
Alternatively, small businesses could choose to restructure their operations, for example into a company or a fixed trust. Rollover relief will facilitate restructuring by ensuring there are no income tax consequences, including capital gains tax, for those that wish to move out of discretionary trust structures.
另一种选择是进行架构重组，例如转为公司或固定信托。Rollover relief 将免除重组带来的所得税后果（含 CGT），便利企业从全权信托架构中转出。
Small businesses that choose to restructure into a company will benefit from access to dividend imputation and a lower 25 per cent corporate tax rate where their aggregated annual turnover is less than $50 million and no more than 80 per cent of their assessable income is passive income. Companies also provide simpler ways to retain earnings, to access debt financing and to introduce new equity.
重组为公司的小企业可受惠于股息抵免（dividend imputation）以及 25% 的较低企业税率（适用条件：合并年营业额低于 5,000 万澳元，且被动性收入不超过应税收入的 80%）。公司架构亦更便于留存收益、获取债务融资与引入新股权。
Restructuring into a fixed trust will allow a business to retain the benefits of a trust structure while providing beneficiaries with more certain entitlements.
如重组为固定信托，则可在保留信托架构优势的同时，使受益人享有更明确的固定权益。
Corporate beneficiaries 公司受益人
Trusts can distribute to corporate beneficiaries that have access to corporate tax rates and franking credits, and which can be used to defer tax for underlying shareholders, who are often also trust beneficiaries.
信托可向适用公司税率并能享有 franking credits 的公司受益人进行分配，由此为该公司背后的股东（通常也是信托受益人）实现税务递延。
Under the minimum tax, corporate beneficiaries will be assessed based on the trust income to which they are entitled, without being able to claim credits for tax payable by the trustee. This will ensure the minimum tax cannot be avoided by cycling income through a ‘bucket’ company.
在最低税下，公司受益人将就其有权获得的信托收入进行课税，但不能就受托人已缴税款申请抵免。此举确保不能通过「桶式公司（bucket company）」循环收入来规避最低税。
Case Study
案例分析
Cameo 1 – 使用全权信托相比普通工薪族可获更低税率（Ying vs Steven）
Ying is a youth worker earning $80,000 in 2028–29. Ying will pay $15,602 in tax, with a marginal rate of 30 per cent (plus Medicare levy) and an average tax rate of 19.5 per cent.
Ying 是一名青年工作者，2028–29 年度收入 80,000 澳元，应缴税款 15,602 澳元，边际税率为 30%（另加 Medicare levy），平均税率约 19.5%。
Steven earns $200,000 of income from investments through a family discretionary trust. Steven as trustee is able to split the taxable income of $200,000 among his family members.
Steven 通过一家家族全权信托取得 200,000 澳元投资收入。作为受托人，他可将这 200,000 澳元应税收入在家庭成员之间进行分割。
Steven chooses to make himself and each of his three family members, who have no other income, entitled to $50,000 of the trust’s income. In total, Steven’s family pays $24,008 tax, an average tax rate of around 12 per cent.
Steven 决定让自己以及三位无其他收入的家庭成员，每人享有 50,000 澳元信托收入。家庭合计缴税 24,008 澳元，平均税率约 12%。
If Steven had not used a discretionary trust to split his income with his family, he would have paid $59,602 in tax. By using a discretionary trust, Steven has reduced his tax liability by $35,594 and achieved a tax rate significantly lower than Ying.
假设 Steven 未通过全权信托与家人分割收入，则需缴税 59,602 澳元。借助全权信托，他节省了 35,594 澳元税款，所适用税率显著低于工薪族 Ying。
Cameo 2 – 与同等工资收入对比（Angela）
In 2028–29, Angela has $200,000 in wage income, equal to Steven’s $200,000 in investment income in the example above. Angela receives her income as a salary and will pay $59,352 in tax, an average tax rate of around 30 per cent.
2028–29 年度，Angela 取得 200,000 澳元工资收入，金额与上例中 Steven 的投资收入相同。但作为工薪族，Angela 需缴税 59,352 澳元，平均税率约 30%。
With a minimum tax in place, Steven’s trust would pay 30 per cent tax on the $200,000 of investment income, regardless of how this income was distributed. This would bring the total tax paid on Steven’s income to around the amount of tax paid by Angela.
在 30% 最低税生效后，无论 Steven 如何分配收入，其信托的 200,000 澳元投资收入都将按 30% 缴税。这将使 Steven 收入对应的整体税额，与 Angela 大致相当。
Cameo 3 – 不同经营架构下的税务结果（Kurt vs Loretta）
In 2028–29, Kurt and Loretta each earn $300,000 operating small businesses.
2028–29 年度，Kurt 与 Loretta 各自经营小企业，年收入均为 300,000 澳元。
Loretta provides her services through a company. Loretta pays herself a salary as an employee of $100,000 and retains the remaining income in the company to build the business. The company pays the small business rate of 25 per cent on this profit. Overall, $72,002 of tax will be paid.
Loretta 通过公司提供服务。她以雇员身份给自己发放 100,000 澳元工资，剩余收入留存在公司用于业务发展。公司就该利润适用 25% 小企业税率。整体合计缴税 72,002 澳元。
Kurt provides his services through a family discretionary trust with himself as the trustee. The trust pays Kurt a salary of $100,000 as an employee and has remaining taxable income of $200,000. Kurt makes four of his extended family members, who have no other income, each entitled to $50,000, while retaining the money in the trust to build the business. In total, Kurt’s family will pay $42,010 in tax.
Kurt 通过一家家族全权信托提供服务，本人担任受托人。信托以雇员身份向 Kurt 发放 100,000 澳元工资，剩余应税收入为 200,000 澳元。Kurt 让四位无其他收入的家庭成员每人分得 50,000 澳元（资金实际仍保留在信托内用于业务）。家庭合计缴税 42,010 澳元。
With a minimum tax in place, the trust would pay 30 per cent tax on the $200,000 of income not paid as wages, regardless of how this income was distributed. Overall, $86,002 of tax will be paid if Kurt does not change the distributions made to his family members.
在最低税生效后，无论 Kurt 如何分配，信托对未作为工资支付的 200,000 澳元收入须按 30% 缴税。如 Kurt 不调整其对家庭成员的分配方式，整体合计将缴税 86,002 澳元。
Kurt would pay less tax operating through a company than a trust, once the minimum tax is in place, by accessing the small business tax rate.
最低税生效后，Kurt 通过公司架构经营（适用 25% 小企业税率）所缴税款将低于通过信托。
小结
Summary
本次预算案对全权信托引入 30% 最低税率，是过去 50 年信托税制改革讨论中最重大的一步。核心要点：
自 2028 年 7 月 1 日起，全权信托收入按 30% 最低税率课税，由受托人缴纳；
个人及非公司受益人可获不可退还税务抵免；公司受益人不享此抵免，以堵塞「bucket company」结构；
固定信托、广泛持有信托、合规养老金基金、特殊残障信托、遗产管理、慈善信托及部分特定收入豁免；
自 2027 年 7 月 1 日起，提供为期三年的扩大 rollover relief，便利重组为公司或固定信托（免除所得税与 CGT 后果）；
Franked dividends 须先用franking credits 抵缴最低税；超额 franking credits 的处理细节将于未来公布。
对于使用家族全权信托的客户，建议尽早评估：现有信托每年向各受益人的分配是否已接近 30% 边际税率；是否有较大比例分配流向 bucket company；是否更适合在 rollover relief 期内（2027/7/1 – 2030/6/30）重组为公司或固定信托。具体操作细则将随咨询出台陆续公布，我们将继续在公众号、网站和小红书发布跟进文章，请大家持续关注 INP Group 的预算案系列。
Source: Australian Budget 2026–27 – Minimum Tax on Discretionary Trusts
资料来源：澳大利亚联邦预算案 2026–27 – 全权信托最低税率
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