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Federal Budget 2018: Other Proposals
Federal Budget 2018 Initiatives: Other Proposals
Tax integrity measure for testamentary trusts
Effective 1 July 2019
Concessional tax rates for minors receiving income from a testamentary trust will be limited to income derived from assets transferred from a deceased estate or proceeds from the disposal or investment of those assets. This initiative is designed to prevent minors from obtaining the benefit of adult marginal tax rates on a high amount of income. Created by transferring assets that are unrelated to a deceased estate into a testamentary trust.
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