'No whammy': businesses hit back at budget tax overhaul

An overhaul of trusts won't be included in the first budget bill, Anthony Albanese says. (Susie Dodds/AAP PHOTOS)

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.