With the Government set to impose a minimum 30% tax on discretionary or "family" trusts from 1 July 2028, it's probably time to start thinking about what you should do about any existing family trust you have.

And this could include giving serious consideration to what may be involved in using the proposed concessions to rollover assets into a different entity such as a company or fixed trust.

Although the start date is two years off (1 July 2028) it will come upon you quickly – hence the need to start thinking about things now, especially as the Government has now released its first consultation paper on the matter.

However, a couple of areas have already seen much public discussion and this has resulted in the government backing down on one of the original proposals - namely, to subject testamentary trust income to a minimum 30% tax rate.

In short, if you have any sort of trust or plan to create one (including a "discretionary" testamentary trust), then it is worthwhile to get ahead of the curve and speak to us about it – or if only just to understand what all these trust changes will mean for you.