Trust structure review checklist: self-assessment for clients with discretionary trusts, based on the proposed 2026 Budget changes.

Partners Wealth Group
Self-assessment

Trust structure review checklist

Nine questions to help identify whether the proposed 2026 Budget changes are relevant to your trust arrangements, and what to consider next.

Progress
0 / 9

How to use this checklist: Tick any statements that apply to your situation. The more you answer yes to, the more worthwhile a conversation with your advisor and legal team is likely to be. This checklist helps you identify what to consider and what to seek advice about, not what to do. You should always seek advice before taking any steps.

Your trust structure 0 / 3
You have a discretionary (family) trust that holds investment assets, business interests, or property; either as the primary structure or alongside other vehicles.
Your trust currently distributes income to beneficiaries in lower tax brackets, such as a spouse, adult children, or other family members, and income splitting is a material part of your overall tax strategy.
Your trust holds assets with significant unrealised capital gains: property, shares, or business interests that have appreciated substantially and where a future disposal or restructure could trigger a taxable event.
Testamentary trusts and estate planning 0 / 2
You are considering a testamentary trust as a vehicle for asset protection and tax planning, and want to check whether it would meet the genuine testamentary purposes exemption from the proposed 30% minimum tax.
Your will establishing a testamentary trust has not been reviewed recently; or does not clearly contain the flexibility to vary trust terms, bypass the trust structure, or respond to future legislative changes as they are finalised.
Asset protection 0 / 2
Asset protection is a key reason you use a discretionary trust: protection from creditor claims, business risk, bankruptcy, or family law exposure is part of why the structure was established and continues to be maintained.
You are considering whether converting to a fixed trust might reduce your exposure to the proposed minimum tax, but have not yet assessed whether doing so would compromise the asset protection and distribution flexibility your current structure provides.
Structure and timing 0 / 2
You hold assets with significant value outside of superannuation, in a trust, private company, or personal name, and have not recently reviewed whether your current ownership structure remains the most tax-effective option under the proposed changes.
Your trust deed or will has not been reviewed in the last two years; or your family, financial, or business circumstances have changed significantly since your current structures were established.
Your trust arrangements warrant a closer look

Based on your responses, the proposed Budget changes are likely relevant to your situation. The most valuable next step is a structured conversation with your advisor and legal team; not to restructure now, but to understand where your arrangements may need to adapt once legislation is finalised.

Our Partners Legal Solutions team can review your current structure and identify where action may be needed. Use the Save as PDF button below to save your answers so you can share them with your advisor.

Some areas worth monitoring

You have some exposure to the proposed changes, though it may be limited. It is worth flagging these items with your advisor at your next review to confirm whether any action will be needed once legislation is released.

Not sure whether this affects you? Your advisor can help you assess your position before the legislation lands. Use the Save as PDF button below to save your answers so you can share them with your advisor.

Limited direct impact at this stage

Based on your responses, the proposed trust changes may have limited direct impact on your current arrangements. Circumstances change: if your situation evolves, revisit this checklist or speak with your advisor.

Questions about your structure? Your advisor is always the right first call. Use the Save as PDF button below to save your answers so you can share them with your advisor.

This checklist is general in nature and does not constitute financial or legal advice. It does not take into account your objectives, financial situation or needs. Consider your personal circumstances and speak with a qualified advisor before making any decisions based on this information. Partners Wealth Group. AFSL 558563. Partners Legal Solutions Pty Ltd. ABN 33 662 748 496.

pwg.com.au