Federal ministers have flagged the government is open to providing rollover support to small businesses and start-ups, amid looming changes to taxes on trusts.

Small business owners could get a reprieve from changes to taxes on trusts, as the sector criticises plans laid out in the federal budget.

The budget outlined plans to impose a 30 per cent tax on all discretionary trusts from July 2028, in an attempt to bring the tax rate in line with earnings made from salaries.

The changes have raised concerns that assets moved into companies that pay less tax could lead to higher stamp duty being paid to state and territory coffers.

Some relief for businesses?

Federal minister Mark Butler said companies affected by the tax changes could get some support as the measures come into effect.

“We’ll engage with states, but also there may have to be some rollover relief for small businesses,” he told Nine’s Today program on Tuesday.

“It’s not unusual for the federal government to talk to state and territories about how they levy stamp duties or other state taxes in the wake of federal changes.

“If there is the need for some rollover relief for small businesses that restructure their arrangements because of changes to the trust laws … we’ll be looking at that as well.”

CGT changes barrier to business growth

Small businesses have also taken aim at changes to capital gains tax discounts being rolled back, with a minimum rate of 30 per cent being applied.

Some in the sector have argued the measures would stifle investment.

The tax changes, along with measures grandfathering negative gearing for investment property, will need the support of the Greens to go through parliament, with the coalition promising to fight the measures.

PM hits the road

A week on from the budget, Prime Minister Anthony Albanese is taking his sales pitch to the west, as the resources sector calls tax settings to remain stable.

Mr Albanese, who will spend the day in Perth spruiking the budget, said Labor always thought selling “big reform” would be difficult.

Minerals Council of Australia chief executive Tania Constable said the resources industry wanted the government to improve investment conditions and competitiveness.

“We need gas projects to get off the ground through better regulation, stable tax settings, balanced workplace relations and the continued work on port, rail and road infrastructure,” she told AAP.

“The industry are going to raise (with the prime minister) the fact that the entire resources industry is important to the Australian economy.

“We are the industry making the massive contribution to the budget bottom line.”

Seeking WA support

Ahead of the budget’s delivery last Tuesday, Mr Albanese flew to Western Australia to address a key resources event, amid calls to hike taxes on gas exports.

There he announced more than $45 million in funding to progress environmental bilateral agreements with states and territories in a bid to speed up approvals and remove duplication for new projects.

The prime minister has worked hard to shore up votes in WA, as the state proved key in elevating Labor to office.

This post first appeared on AAP Newsroom. You can read it here.

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