Budget update · October 2026
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When we last wrote, the Budget measures were proposals and we undertook to keep you informed. Some have now become law and one is still before Parliament. Here is where things stand for your Will and trust.
Unchanged
Your Will and trust remain valid. The Budget did not change the law on Wills, and nothing in it invalidates your trust deed or your loan arrangement.
Now law
Capital gains and negative gearing. From 1 July 2027 the 50% CGT discount is replaced for future gains, and negative gearing is limited to new builds. Gains up to 30 June 2027 keep the discount, and properties held at 12 May 2026 keep their existing treatment while you own them.
Not yet law
A 30% minimum tax on family trusts. The Bills were introduced on 14 October 2026 and are with a Senate committee, due to report on 13 November 2026. If passed, the tax would start no earlier than 1 July 2028.
Worth checking
Your testamentary trust. Genuine testamentary trusts are excluded from the proposed tax. But your testamentary trust is only created on death, so if that happens after 1 July 2028, the Bill as introduced would require its income to go to individuals for the exclusion to apply. Some Wills may need a small update to meet that test.
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Position as at 19 October 2026. The trust measures may change before they pass, and we will update you again when they do.