Senator Warns Trust Tax Changes Could Cost Australia’s Olympic Committee Millions

Senator Bridget McKenzie has warned that proposed changes to discretionary trusts could cost the Australian Olympic Committee millions. The Australian Olympic Foundation uses a trust for investments that fund athlete programs, and the new 30 percent minimum tax on trust income from July 1, 2028, could significantly reduce this funding. The Australian Olympic Committee estimates a potential shortfall of $2.5 million annually, totaling $10 million per Olympic cycle.

• Senator Bridget McKenzie claims government may need to fund Olympic athletes with extra taxpayer dollars.
• This is due to consequences of proposed changes to discretionary trusts.
• The Labor government plans a 30 percent minimum tax on taxable income of discretionary trusts from July 1, 2028.
• The Australian Olympic Foundation uses a trust to generate income for the Australian Olympic Committee.
• The Australian Olympic Committee estimates a potential funding reduction of $2.5 million a year, or $10 million per Olympic cycle.