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Tax and estate planning in 2020: What has changed?


In light of ongoing changes to the taxation regime and the expanding wealth of Australia’s ageing population, there has for many years been a growing need for estate planning to utilise appropriate structuring. Estate planning related areas have largely been outliers from radical simultaneous rule overhauls. 2018 was an exception to this position, with a range of changes announced. Indeed, the 2018 changes were, in theory, destined to see a potentially radical impact on a number of areas, including trust vesting, trust splitting, testamentary trusts, excepted trust income and family law roll-overs. One year on, however, the question needs to be asked: what has actually changed? Arguably, 2019 has shown that most critical aspects of the 2018 changes remain in a state of flux. With the post-baby boomer intergenerational wealth transfer wave gathering pace, the inertia during 2019 in a number of key areas is disappointing.

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Matthew Burgess CTA
Photo of author, Matthew BURGESS Matthew co-founded specialist firm View Legal in 2014, having been a lawyer and partner of one of Australia’s leading independent law firms for over 17 years. Matthew’s passion is helping clients successfully achieve their goals. Matthew specialises in tax, and estate and succession planning, providing strategic advice to business owners and high net worth individuals. He has been recognised in the Best Lawyers list since 2014 in relation to trusts and estates and either personally or as part of View Legal in Doyles since 2015 in relation to taxation, and since 2017 in relation to wills, estates and succession planning. In part leveraging off the skills he has developed working in the SME market space, Matthew has been the catalyst for a number of innovative legal solutions for advisers and their clients, including establishing Australia’s first virtual law firm. - Current at 13 August 2018
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