Trusts
Trust Tax Rate Increasing
Not surprisingly, the Government has announced that the trust tax rate will increase to 39% from the current 33%.
However there is an exemption to the 39% rate if the trust taxable income is under $10,000 where the 33% will apply. This is not progressive meaning if the trust taxable income is $10,000 or over, it will all be taxed at 39%.
At the time of writing, none of the above has actually been passed into law but the expectation is that it will be done so before 31 March.