Government retreats on contentious budget tax measures
The Albanese government has reversed several controversial tax measures from the federal budget following voter backlash. Testamentary trusts will now be exempt from a planned 30% tax, small businesses can retain capital gains tax concessions, and exemptions are proposed for innovative start-ups. The changes have received support from affected industries including biotech companies and farmers, though opposition members claim the budget's political damage remains.See omnystudio.com/listener for privacy information.
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