Coalition claims Labor tax plan costs small business over half a billion dollars?

checkthis · automated fact-check · How we check · Reel by @senatormichaeliacash

The Reel's claim that accountants estimate proposed tax changes could cost over half a billion dollars annually in compliance costs is accurate. CPA Australia told a Senate inquiry that proposed discretionary trust tax reforms would impose annual compliance costs of between $221 million and $595 million, which reaches above half a billion dollars. The Liberal Party's policy document 'Stop Labor's Assault on Aspiration' explicitly promises to repeal the proposed taxes.

2 claims checked
3 sources
Checked 8 Nov 2026
Main source: Accountants tell Senate of $595m tax compliance costs - Financial Newswire

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The Reel we checked

@senatormichaeliacash

Albo, small businesses are being squeezed from every direction. And Labor wants to hit them with more taxes! Enough is enough. The Coalition will scrap Labor’s…

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What we checked

Accountants estimate that proposed tax changes could cost in excess of half a billion dollars a year in compliance costs alone.“We estimate the trust reforms will impose ongoing annual compliance costs of between $221 million and $595 million, compared with Treasury’s estimate of $48 million per year”Accountants tell Senate of $595m tax compliance costs - Financial Newswire

The Coalition has published a policy plan titled 'Stop Labor's Assault on Aspiration' proposing to scrap Labor's tax measures.“Stop Labor’s Assault on Aspiration 6”Our Plan + 1 more

What the Reel doesn't tell you

Treasury estimated the ongoing annual compliance costs of the trust tax changes at $48 million per year (Financial Newswire).
The Albanese Labor Government stated it is delivering tax relief and cutting compliance burdens for small businesses through measures such as making the instant asset write-off permanent (Treasury Ministers).
CPA Australia told a Senate committee that trust tax changes would cost between $221 million and $595 million annually in compliance costs (Financial Newswire).

Short version

✅ TRUE 👉 Proposed discretionary trust tax reforms could cost small businesses over half a billion dollars annually in compliance costs. 👉 CPA Australia told a Senate inquiry that the proposed tax changes would impose annual compliance costs of between $221 million and $595 million. 📰 Sources: Financial Newswire, Our Plan 🔎 Full check: send this Reel to @checkthis.chat