Labor will reconvene Parliament quickly if it wins the election to try to legislate billions of dollars in tax changes, including an increase to the top marginal tax rate, tax cuts for low and middle income earners and possibly a crackdown on trusts and franking credits.

With the election to be called any day now for May 18, Labor, should it win, would be able to schedule Parliament to sit in June and try to have the existing Senate pass the changes.