In the 2018-19 Budget, the Government announced that it will implement an integrity measure to limit the taxation concessions applicable to the income of testamentary trusts to only income from the deceased estate assets. The measure would apply retrospectively, from 1 July 2019, and submissions are due by 30 October 2019.

See below for more a summary of the measure and the key new provision, to be inserted into the ITAA36.

FJM 6.10.19

[Tax Month – September 2019]

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