WHAT THE TAX?!!
Testamentary trust minor's distribution to be limited
Potential changes for testamentary trusts
A proposal from the 2018 Federal Budget is to limit testamentary trust income distributed to minors to be from assets solely from the deceased estate.
From 1 July 2019, any income distributed to minors which are derived from assets "injected" from outside the deceased's estate may lose concessional tax treatment. At this stage, the proposal is not yet linked to any draft legislation published by the Treasury. This means that the proposal is subject to change, and we are yet to see any major detail surrounding intricate parts of the announcement.
However, we will keep you informed when draft legislation and further details are released, and how it may affect you.
Information sourced using CCH iknow