Testamentary trust income remains taxed at 47 percent, expert confirms

Income retained in a testamentary trust will continue to be taxed at 47 percent, including the Medicare levy, despite proposed changes. Estate planning solicitor Rachael Rofe confirmed that the new minimum tax rate of 30 percent applies only to distributed income. Testamentary trusts remain essential tools for estate planning, offering protections against financial vulnerabilities.

Summary by Glance · SMH