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Tax and estate planning in 2023: the road ahead

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Published on 01 Nov 22 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Understanding holistic tax and estate planning is critical for all tax advisers. In 2023, the extraordinary monetary value involved in the intergenerational wealth transfer of Australia’s “baby boomer” population will continue to escalate. Arguably, tax-driven estate planning changes have largely avoided significant government and court intervention. However, since around 2018, this previous position appears to have permanently shifted with a range of measures targeted at ensuring baby boomers — and their chosen beneficiaries — pay their “fair share” of tax. Subsequent years have seen significant evolution in a number of areas, including superannuation, the treatment of tax equalisation provisions, trust loan accounts, trust vesting, testamentary trusts, and excepted trust income. Near the start of a new calendar year, it is timely to explore a number of the most critical developments in the tax and estate planning arena over the last 12 months.

Author profile

Matthew Burgess CTA
Photo of author, Matthew BURGESS Matthew Burgess, CTA co-founded specialist firm View Legal in 2014, having been a lawyer and partner of one of Australia’s leading independent law firms for over 17 years. Matthew’s passion is helping clients successfully achieve their goals. Matthew specialises in tax, and estate and succession planning, providing strategic advice to business owners and high net worth individuals. He has been recognised in the Best Lawyers list since 2014 in relation to trusts and estates and either personally or as part of View Legal in Doyles since 2015 in relation to taxation, and since 2017 in relation to wills, estates and succession planning. In part leveraging off the skills he has developed working in the SME market space, Matthew has been the catalyst for a number of innovative legal solutions for advisers and their clients, including establishing Australia’s first virtual law firm. - Current at 24 February 2025
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