"The Treasurer's incompetence, record of unintended consequences and kneecapping of small businesses means he must abandon his proposed laws on trusts, or risk another ATO credit card ban circus", said Shadow Treasurer, Tim Wilson.
Mr Wilson's comments follow media reports that the Government is seeking to introduce its legislation on trusts this sitting week.
"Confidence in the Albanese government to know the consequences of their proposals hit rock bottom last week, and they need to subject their proposed legislation to further consultation in order to rebuild confidence", Mr Wilson said.
"Small and family businesses and farmers who use trusts want one thing from this Government: certainty, so they can get on with backing themselves, investing and creating jobs. The conflicting opinions of the Treasurer, the Housing Minister, the Cabinet Secretary and the Minister for Small Business were like a four-ring circus".
"Jim Chalmers laid tax landmines right across the economy in his Budget, and every time one explodes the Prime Minister humiliates him into another backdown".
"The small business CGT changes, the widows tax, the death tax and the trusts tax have all been scrapped, fixed or rewritten because the Treasurer doesn't understand his own Budget or the damage it does".
"Every Australian has figured out our taxaholic Treasurer is addicted to spending and pours debt petrol on the inflation fire, and the past week has confirmed his incompetence. He should abandon his legislation on trusts because it will be a wrecking ball through the economy".
"If he won't abandon his trusts legislation, the Treasurer should have the humility to commit to checking his work and putting the updated legislation straight back out for further consultation".
"Small and family businesses have already spent four months paying for legal, financial and valuation advice, and been told restructure costs could hit $50,000".
"Labor rammed its Budget through the Parliament with just two days of consultation. Every backdown since has been an admission it should never have been introduced in the first place," Mr Wilson said.
"The plan is simple. When the Government releases its updated legislation, it should refer it straight to another round of proper consultation, listen to the small businesses and families who will actually pay the price, and fix it before it becomes law, not after it blows up".
"If the Treasurer gets this wrong again, small businesses will be the ones paying for advisers, valuers and stamp duty, while he lines up his next humiliating backflip".
"With record insolvencies, small businesses deserve a government that gets it right the first time. Failing that, they at least deserve one that checks before it lights the fuse".
"We will change the rules back on trusts and give Australian families and small businesses the certainty to back themselves".
