Tax on testamentary trusts remains at 47 percent, expert confirms

Income retained in testamentary trusts will continue to be taxed at the top marginal rate of 47 percent, including the Medicare levy, despite proposed tax 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 has not yet been released for public review.

Summary by OZbrief · The Age