Once our assets are passed down to our nominated persons in our Will, they are available to the Tax Office, liquidators and Family Law Courts.

There is an alternative solution and this is called a “Testamentary Trust”.

It is a different way to pass assets on, where the assets go to a Trust and the beneficiary controls the Trust and there is no Capital Gains Tax or Stamp Duty liability on the transfer.

The beneficiaries have control- not ownership.

The beneficiary can sell, keep or share the assets or benefits and because the beneficiary does not own the assets, liquidators or the Family Law Court, will not have access to the assets.

Income/capital gains directed to a minor child via a Testamentary Trust, are taxable at adult tax rates, with the tax free threshold applying ( no 60%tax).

Get professional advice when drawing up your Will as a Testamentary Trust must be part of the Will when it is prepared.

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