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Labor’s trust tax backdown explained: Pay, lock in or face penalties Discretionary trusts will be allowed to bypass the 30 per cent tax minimum, but only if they lock in beneficiary splits permanently.

‘No need to restructure’: Chalmers offers concessions on new trust tax Trustees can avoid paying the new minimum 30 per cent tax on discretionary trusts as well as stamp duty, following pressure from business.

The bond market is blowing up right now – should Australians be worried? Major bond sell-off across major advanced economies, with yield at highs not see since before the GFC

: The Australian economy has grown by 0.4% in the June quarter, reaching 2.1% annual growth, according to the latest GDP figures from the Bureau of Statistics.

The figures come in above economists' forecasts, raising the chance of another interest rate increase when the RBA meets at the end of the month.

More in at 6pm.

Despite falling to its lowest level in eight months, inflation is still higher than consensus expectations.

Read more: https://bit.ly/4xnR7Ux

The SMSF industry’s peak body has joined calls for Jim Chalmers to reverse new capital gains rules that could push hundreds of thousands of funds into higher effective tax rates.

All the details: https://bit.ly/4zCwwNB

Q+A: Think Australia’s tax-free threshold is $18,000? Think again. If you’re a senior, there are various offsets and concessions that allow you to earn a whole lot more before the taxman comes knocking.

Full story in comments.