News
Tax treatment of super death benefits paid to trustee explained in PBR
1+ day, 11+ hour ago (751+ words) The ruling (1052503275310) concerned the superannuation of the deceased who was survived by two children, A and B, both under the age of 18 at the date of the deceased passing. A trustee was appointed as the executor and trustee of the…...
A matter of trusts " changes creating chaos for planning
1+ week, 7+ hour ago (522+ words) Daniel Butler, director of DBA Lawyers, said that with franking credits, family trust elections and minimum tax rules converging, the profession is facing a level of complexity that threatens to make traditional trust planning unrecognisable. "Technically, everything that is not…...
Family court continues attack on testamentary trusts following Budget death tax
1+ week, 21+ hour ago (992+ words) Matthew Burgess, director, View Legal As debate about the stealth style death tax imposed on testamentary trusts by the 2026 Budget continues, a recent decision from the Family Court is now wrecking further chaos on what had up until a few…...
ATO warns trustees, advisers to be aware of obligations for trust resolutions
1+ week, 17+ hour ago (487+ words) The regulator said there are five main steps for trustees to follow to ensure they maintain compliance and avoid penalties when preparing for the deadline. First, trustees must be familiar with the trust deeds and accurately determine the income of…...
Estate planning in limbo as Budget measures debated
1+ week, 3+ day ago (535+ words) Scott Hay-Bartlem, partner at Cooper Grace Ward Lawyers, said there were three particular measures announced in the Budget that impact estate planning strategies for both legal and advice professionals. These include capital gains tax, negative gearing and discretionary family trusts....
Death benefit cashing delay impact on Div 296 exposure
1+ week, 6+ day ago (539+ words) William Fettes, senior associate at DBA Lawyers, said the draft Div 296 regulations introduce a contentious rule about how future earnings on a deceased member's superannuation interest are treated for tax purposes. He said under the draft regulations, earnings that accrue…...
Proposed changes to the taxation of discretionary trusts from 1 July 2028
1+ week, 6+ day ago (624+ words) Daniel Butler, director, DBA Lawyers The Labor Government's stated policy behind the proposed change is to improve "the fairness and sustainability of the tax system' as the Government believes DTs can be used to split income between beneficiaries so that…...
Death tax" will have effect on estate planning strategies
2+ week, 6+ day ago (481+ words) Brent Murphy, partner with KPMG, said on Sky News that generally, where a trust is changed, it is fundamentally "as if you've sold all the trust assets," which causes tax to arise as well as potentially stamp duty. "Transferring from…...
Budget changes trigger triple taxation exposure for trust assets on death
2+ week, 6+ day ago (526+ words) Matthew Burgess, director, View Legal Matthew Burgess, director of View Legal, said the 2026 budget has triggered a renewed debate over proposed changes to Australia's trust taxation rules and has largely focused on prospective reforms such as the attack on future…...
Key Tribunal ruling strengthens position of fixed unit trust arrangements
2+ week, 6+ day ago (1729+ words) Terence Wong, director, T Legal In K J Cooke ATF Cooke Investment Trust v Chief Commissioner of State Revenue [2026] NSWCATAD 130 the Tribunal pointed to features such as restrictions on amending the deed, clear present entitlements to income and capital, and…...