House of Representatives
Treasury Laws Amendment (2019 Measures No. 3) Bill 2019
Explanatory Memorandum
(Circulated by authority of the Minister for Housing and Assistant Treasurer, the Hon Michael Sukkar MP)Minors are people under 18 years of age on the last day of the income year.
A trust estate that results from these circumstances is referred to as a 'testamentary trust' in this Explanatory Memorandum.
Note also that under existing 102AG(2)(e), income from property that in the opinion of the Commissioner represents accumulations of excepted trust income in relation to the beneficiary can also be excepted trust income. Income on unpaid entitlements, that in relation to the beneficiary were excepted trust income, may also be excepted trust income.
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