States and territories are being urged to slash stamp duty for small businesses and families to help them handle the fallout of a contentious overhaul of tax on investments.
The federal government has flagged some GST relief for Australians affected by a new 30 per cent tax on discretionary trusts, which kicks in from July 2028.
But Labor has stopped short of guaranteeing a reprieve on stamp duty, which thousands of people will likely need to pay as they restructure their investments as a result of the changes.
The reforms outlined in the budget attempt to even the tax rates on wages and investments, but businesses claim they will lead to a "double whammy" of taxes which could stifle innovation.
