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The Minimum Tax on Discretionary Trusts: What It Means for Testamentary Trusts
The proposed 30 per cent minimum tax on discretionary trusts will generally catch testamentary trusts, with relief only for qualifying income. We explain the exclusion, the 1 July 2028 beneficiary restriction and what will-makers should consider now.
Tax on trusts: to what extent did Treasury adopt our recommendations? The minimum tax Bills measured against our submission
Bills for the minimum tax on discretionary trusts are now before Parliament. Employee share trusts are now excluded, and excess franking credits are refundable. The mechanics have improved, but the regime's scope and design largely stand.
Tax on trusts: what is a “minimum tax trust”? The definition that decides everything
Treasury's draft 30 per cent minimum tax on discretionary trusts turns on one classification: is the trust a minimum tax trust? The definition works by exclusion, so every trust is caught unless it fits one of the carve-outs or an EET is made. Here is what that means before 1 July 2028.
Testamentary trusts and the minimum tax: did the Government change its position, or was it just a misstatement?
The Government said testamentary trusts would be "excluded" from the minimum tax. The exposure draft says otherwise. Our article explains the income-level relief, its three conditions, and what practitioners should review now.