Australia stands at a crossroads in its long relationship with discretionary trusts — structures that have shaped family wealth and business organisation for generations. The Treasury's proposed 30% minimum tax, set to take effect in July 2028, seeks to curb income splitting, yet in doing so may impose burdens far heavier than the problem it aims to solve. Pitcher Partners, speaking for many who navigate these arrangements in good faith, asks whether a remedy that punishes legitimate commerce is truly a remedy at all.