Income in testamentary trusts faces 47 percent tax under proposed changes

Income retained in testamentary trusts will continue to be taxed at 47 percent, including the Medicare levy, under proposed changes. Estate planning solicitor Rachael Rofe confirmed that the new minimum tax rate of 30 percent applies only to income distributed to beneficiaries. The legislation is still pending, leaving both beneficiaries and trustees navigating uncertainty.

Summary by Glance · Brisbane Times