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Testamentary trust change proposed
Treasury has released exposure draft legislation that targets an “unintended consequence” involving testamentary trusts that allows some taxpayers to inappropriately obtain a concessional tax treatment.
The measure spells out that minors will be taxed at adult marginal tax rates (not the higher rates for minors) only in respect of income a testamentary trust generates from assets of the deceased estate, or the proceeds of the disposal or investment of these assets.
If passed without amendments, the change will apply from 1 July 2019. Interested parties can submit their opinion by 30 October at testamentarytrusts@treasury.gov.au
Expansion of estimates regime to GST, LCT and WET
The estimates regime allows the Commissioner to make estimates of certain overdue and unpaid tax-related amounts. The ATO is preparing guidance on a new measure proposing to bring GST, LCT and WET within the existing estimate regime. This new measure is contained in Schedule 3 of Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019. Draft Practical Compliance Guideline PCG 2019/D4 has more details. Readmore
