Federal Budget 2018: Other Proposals

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9 May, 2018 by Tony Sarai Tony Sarai // Risk and asset protection

This article is published by Modoras Pty Ltd

Federal Budget 2018 Other ProposalFederal 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.

This article is published by Modoras Pty Ltd ABN 86068034908 AFS and Credit License No. 233209. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). While every effort is made to ensure that the information is accurate, users must be aware that some information may not be accurate or is no longer current. No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.



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