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Tax and estate planning in 2020: What has changed?

Published on 01 Feb 20 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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
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