API Supplementary Submission on Treasury’s Exposure Draft for the Minimum Tax on Discretionary Trusts
The API has lodged a supplementary submission on Treasury’s exposure draft for the minimum tax on discretionary trusts. It’s to be read with our submission of 31 July 2026 on the consultation paper and goes to a single drafting issue in the exposure draft.
That issue is the date to be stated on the valuation report for the 1 July 2027 reset. Subdivision 112-E describes the moment of valuation in three ways: the operative provisions deem assets sold “just before 1 July 2027”, one uses “immediately before”, and the date 30 June 2027 appears only in the notes. The amount assessed is unaffected, but a report bearing a date the Commissioner regards as wrong is open to challenge on its face.
Posted on September 23, 2026
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