Changes to Trust Laws

The Assistant Treasurer has announced that the Government will update Australia's trust taxation laws as a result of the recent High Court decision in the case of Bamford, which highlighted ongoing discrepancies between the treatment of trust income by trust laws, on one hand, and by the tax system on the other.

A public consultation process will be the first step towards updating the trust income tax provisions and any options will seek to ensure that net taxable income of a trust is assessed primarily to beneficiaries.

This options will not include the taxation of trusts as companies, which would be a major departure from the current law.

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