James Kirby

Okay, yeah.

So there is that, folks.

And then we had the issue around family trusts.

I think more broadly, Will, there's a couple of other things I think we might mention.

One thing in terms of exceptions, loopholes yet to be clarified.

The government, apart from these changes...

What's the real sting in the tail, folks, as I mentioned, is this introduction of minimums.

So the minimum CGT tax rate of 30%, a minimum family trust tax rate of 30%.

Games will continue.

Financial engineering will continue.

But boy, oh boy, I tell you what, you're going to wipe out a lot of it or you're going to make it terribly complex and arcane to get around that.

Testamentary trust will, just to make the point, wills and estates, trust relating to wills and estates,

In the budget papers, they are expressly excluded, along with charities, I might add, in this and primary income, which is farmers, of course, they've been excluded.

Is there any sort of wriggle room here for the government to come back in and impose sanctions?

a death tax style charge on the testamentary trust?

Or do you think they have, as the papers would clearly infer, been allowed exemption?

Right.

Yeah, it's broken.

Yes.

So they said they wouldn't go near CGT and they said they wouldn't go near negative gearing.