Opposition treasury spokesman Joe Hockey has backtracked on his call for the taxing of trusts.
Mr Hockey said in a speech in Melbourne on Wednesday the tax system was more complex than ever, including "corporate tax of 30 per cent and trusts which pay no tax in their own right".
The Liberal frontbencher told the tax conference the difference in tax rates according to the type of legal entity "seems to have no basis in logic".
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"Standardisation would also involve taxing trusts in their own right and at the same rate as companies ... That is
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