{"id":18762,"date":"2026-10-21T14:40:22","date_gmt":"2026-10-21T03:40:22","guid":{"rendered":"https:\/\/chuatan.com.au\/?p=18762"},"modified":"2026-10-21T17:33:39","modified_gmt":"2026-10-21T06:33:39","slug":"testamentary-trust-will-review-2026-tax-reforms","status":"publish","type":"post","link":"https:\/\/chuatan.com.au\/en\/testamentary-trust-will-review-2026-tax-reforms\/","title":{"rendered":"Testamentary Trusts and the 2026 Tax Reforms: Should You Review Your Will?"},"content":{"rendered":"<div class=\"ct-article\" data-no-translation>\n<p>A testamentary trust is a trust created by your Will, which comes into effect when you die. Many Australian Wills leave assets to a discretionary testamentary trust rather than directly to children, to protect the inheritance and to allow income to be shared among family members. The proposed 30% minimum tax on discretionary trusts has left many people asking whether their Will still works.<\/p>\n\n<h2>Where things stand<\/h2>\n<p>When the 2026\u201327 Budget was announced, it appeared that only testamentary trusts already in existence would be protected. That caused concern for anyone whose Will had been signed but who had not yet died.<\/p>\n<p>The government has since confirmed that deceased estates and discretionary testamentary trusts established for genuine testamentary purposes will be excluded from the minimum tax. The exclusion is limited to income from assets that came from the deceased&#8217;s estate. For testamentary trusts established on or after 1 July 2028, the exclusion is expected to apply only where the trust can benefit individuals and tax-exempt bodies, not companies or other trusts.<\/p>\n<p>Legislation was introduced into Parliament on 14 October 2026. It is not yet law, and the details may change.<\/p>\n\n<h2>What this means in practice<\/h2>\n<ul>\n<li><strong>Testamentary trusts remain valuable.<\/strong> Asset protection, protecting vulnerable or young beneficiaries, and keeping inheritances separate from a child&#8217;s marriage are not affected by the tax changes.<\/li>\n<li><strong>Who can benefit matters.<\/strong> Many older Wills allow a testamentary trust to benefit family companies and other trusts. That wide class may cost the trust its exclusion in future.<\/li>\n<li><strong>Adding new money may matter.<\/strong> The exclusion is tied to assets from the deceased&#8217;s estate. Beneficiaries who later add their own money to the trust may find that income is taxed differently.<\/li>\n<li><strong>Fixed testamentary trusts<\/strong> are treated differently from discretionary ones and are excluded from the minimum tax as fixed trusts.<\/li>\n<\/ul>\n\n<h2>Families with members overseas<\/h2>\n<p>Asian families often have children or grandchildren living outside Australia. A testamentary trust with overseas beneficiaries raises separate questions: Australian withholding and residency rules, and the tax rules of the country where the beneficiary lives. Some countries, including mainland China, now tax residents who benefit from foreign trusts. Those issues should be considered when choosing the beneficiaries and trustees.<\/p>\n\n<h2>Should you change your Will now?<\/h2>\n<p>For most people, the sensible step is a review rather than an immediate rewrite. Check whether your Will contains a testamentary trust, who can benefit from it, and whether it still suits your family. Once the legislation is finalised, any changes can be made with certainty.<\/p>\n<h2>Related reading<\/h2>\n<ul class=\"ct-related\"><li><a href=\"\/en\/australia-cgt-family-trust-changes-2026\/\">Australia&#8217;s Capital Gains Tax and Family Trust Changes: What Asian Families Should Know<\/a><\/li><li><a href=\"\/en\/when-to-update-your-will-australia\/\">When Should You Update Your Will? Marriage, Divorce and Other Life Changes in Australia<\/a><\/li><li><a href=\"\/en\/binding-death-benefit-nomination-super-australia\/\">Binding Death Benefit Nominations: Making Sure Your Super Goes Where You Intend<\/a><\/li><\/ul>\n<p><em>Chua Tan Associates prepares Wills and testamentary trusts for families in every Australian state and territory, including families with members and assets overseas. To arrange a confidential consultation, please contact our Melbourne office on +61 3 9602 3988 or submit an <a href=\"#ct-enquiry\">enquiry<\/a>. Advice is available in English, Mandarin and Cantonese.<\/em><\/p>\n<p class=\"ct-byline\"><em><a href=\"\/en\/justin-chua\/\">Justin Chua<\/a> (\u8521\u667a\u52cb), lawyer and mediator, Chua Tan Associates, Melbourne. General information only, not legal or tax advice. The measures described are proposals and may change before they become law.<\/em><\/p>\n<\/div>\n\n\n<div id=\"ct-enquiry\" class=\"ct-eq\" data-no-translation>\r\n<style>.ct-eq{background:#f4f1ea;border:1px solid #e3ddd0;border-radius:10px;padding:22px 24px;margin:32px 0;font-size:16px;line-height:1.6}.ct-eq h2,.ct-eq h3{margin:0 0 6px}.ct-eq p{margin:0 0 12px}.ct-eq form{display:grid;grid-template-columns:1fr 1fr;gap:12px}.ct-eq label{display:block;font-size:14px;font-weight:600;margin-bottom:4px}.ct-eq input,.ct-eq select,.ct-eq textarea{width:100%;box-sizing:border-box;padding:10px 12px;border:1px solid #cfc6b4;border-radius:6px;font-size:16px;background:#fff}.ct-eq .full{grid-column:1\/-1}.ct-eq button{background:#8a6a3b;color:#fff;border:0;border-radius:6px;padding:12px 22px;font-size:16px;cursor:pointer}.ct-eq .hp{position:absolute;left:-9999px}.ct-eq small{color:#5f5a50}.ct-eq .ok{background:#e7f3e8;border-left:4px solid #3c8d40;padding:12px 16px}.ct-eq .bad{background:#fbeaea;border-left:4px solid #b03a2e;padding:12px 16px}.ct-eq .ct-direct{display:flex;flex-wrap:wrap;gap:10px;margin-top:14px}.ct-eq .ct-direct a,.ct-eq .ct-direct button{background:#fff;color:#2b2b2b;border:1px solid #cfc6b4;padding:9px 14px;border-radius:6px;text-decoration:none;font-size:15px}@media(max-width:640px){.ct-eq form{grid-template-columns:1fr}}<\/style>\r\n<h3>Tell us about the estate<\/h3>\r\n<p>A short message is enough. We reply in English, Mandarin or Cantonese, and quote fees in writing before any work starts.<\/p>\r\n<form method=\"post\" action=\"https:\/\/chuatan.com.au\/wp-admin\/admin-post.php\">\r\n<input type=\"hidden\" name=\"action\" value=\"ct_estate_enquiry\">\r\n<input type=\"hidden\" name=\"ct_ts\" value=\"1792656827\">\r\n<input type=\"hidden\" name=\"ct_lang\" value=\"en\">\r\n<input type=\"hidden\" name=\"ct_page\" value=\"https:\/\/chuatan.com.au\/en\/testamentary-trust-will-review-2026-tax-reforms\/\">\r\n<div class=\"hp\" aria-hidden=\"true\"><label>Website<input type=\"text\" name=\"ct_website\" tabindex=\"-1\" autocomplete=\"off\"><\/label><\/div>\r\n<div><label for=\"ct_name\">Your name *<\/label><input id=\"ct_name\" name=\"ct_name\" required maxlength=\"120\"><\/div>\r\n<div><label for=\"ct_email\">Email<\/label><input id=\"ct_email\" name=\"ct_email\" type=\"email\" maxlength=\"160\"><\/div>\r\n<div><label for=\"ct_phone\">Phone, WeChat or WhatsApp<\/label><input id=\"ct_phone\" name=\"ct_phone\" maxlength=\"80\"><\/div>\r\n<div><label for=\"ct_language\">Preferred language<\/label><select id=\"ct_language\" name=\"ct_language\"><option>English<\/option><option>Mandarin<\/option><option>Cantonese<\/option><\/select><\/div>\r\n<div><label for=\"ct_type\">What do you need help with?<\/label><select id=\"ct_type\" name=\"ct_type\"><option value=\"\">Please choose<\/option><option>Someone has died and there is a Will<\/option><option>Someone has died and there is no Will<\/option><option>Someone has died and I am not sure if there is a Will<\/option><option>Making or updating a Will or estate plan<\/option><option>Executor or trustee question<\/option><option>A dispute about an estate<\/option><option>Other<\/option><\/select><\/div>\r\n<div><label for=\"ct_state\">Where are the assets?<\/label><select id=\"ct_state\" name=\"ct_state\"><option value=\"\">Please choose<\/option><option>Victoria<\/option><option>New South Wales<\/option><option>Queensland<\/option><option>Western Australia<\/option><option>South Australia<\/option><option>Tasmania<\/option><option>ACT<\/option><option>Northern Territory<\/option><option>More than one state<\/option><option>Overseas as well<\/option><option>Not sure<\/option><\/select><\/div>\r\n<div class=\"full\"><label for=\"ct_time\">Best time to contact you (optional)<\/label><input id=\"ct_time\" name=\"ct_time\" maxlength=\"120\"><\/div>\r\n<div class=\"full\"><label for=\"ct_msg\">Brief details (optional)<\/label><textarea id=\"ct_msg\" name=\"ct_msg\" rows=\"4\" maxlength=\"3000\"><\/textarea><\/div>\r\n<div class=\"full\"><button type=\"submit\">Send enquiry<\/button><br><small>We use your details only to respond to your enquiry. Sending this form does not create a lawyer\u2013client relationship. <a href=\"\/privacy-policy\/\">Privacy<\/a><\/small><\/div>\r\n<\/form>\r\n<div class=\"ct-direct\"><strong style=\"width:100%\">Or contact us directly<\/strong>\r\n<a href=\"tel:+61396023988\">Call +61 3 9602 3988<\/a>\r\n<a href=\"mailto:chuatan@tpg.com.au\">chuatan@tpg.com.au<\/a>\r\n<a href=\"https:\/\/wa.me\/61490369102\" target=\"_blank\" rel=\"noopener\">WhatsApp +61 490 369 102<\/a>\r\n<button type=\"button\" class=\"ct-wechat\" data-msg=\"WeChat ID copied\">WeChat: chuatan262<\/button>\r\n<\/div>\r\n<\/div>\r\n\t\n\n<div class=\"ct-guides\" data-no-translation><style>.ct-guides{margin:28px 0}.ct-guides ul{display:grid;grid-template-columns:repeat(auto-fit,minmax(230px,1fr));gap:10px;list-style:none;padding:0;margin:10px 0 0}.ct-guides li{margin:0}.ct-guides a{display:block;padding:12px 14px;border:1px solid #e3ddd0;border-radius:6px;text-decoration:none;background:#fff;height:100%}<\/style><h3>Estate guides<\/h3><ul><li><a href=\"\/en\/do-i-need-probate\/\">Do I need probate? 2-minute check<\/a><\/li><li><a href=\"\/en\/what-to-do-when-someone-dies\/\">What to do when someone dies: 30-day checklist<\/a><\/li><li><a href=\"\/en\/letters-of-administration-victoria\/\">No Will? Letters of administration and who inherits<\/a><\/li><li><a href=\"\/en\/estate-planning-victoria\/\">Estate planning: Will, power of attorney, medical decisions<\/a><\/li><li><a href=\"\/en\/testamentary-trusts\/\">Testamentary trusts<\/a><\/li><li><a href=\"\/en\/superannuation-and-your-will\/\">Superannuation and your Will<\/a><\/li><li><a href=\"\/en\/executor-disputes\/\">Executor problems and disputes<\/a><\/li><li><a href=\"\/en\/professional-executor-trustee\/\">Professional executor &amp; trustee services<\/a><\/li><li><a href=\"\/en\/%E5%AE%A2%E6%88%B7%E8%AF%84%E4%BB%B7\/\">Client reviews<\/a><\/li><\/ul><\/div>","protected":false},"excerpt":{"rendered":"<p>A testamentary trust is a trust created by your Will, w [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25,787516595,106],"tags":[],"class_list":["post-18762","post","type-post","status-publish","format-standard","hentry","category-25","category-cross-border-families","category-trusts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.2 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Testamentary Trusts and the 2026 Tax Reforms: Should You Review Your Will? | Chua Tan Associates<\/title>\n<meta name=\"description\" content=\"Testamentary trusts are excluded from the proposed 30% minimum tax on discretionary trusts, but only within limits. 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