The Federal Budget 2014 has deferred the start date of the managed investment trust regime until 1 July 2015 (at 19). Draft legislation for the managed investment trust reforms is scheduled for release in June 2014.
The Federal Government has previously announced reforms to the taxation of trust income (Assistant Treasurer MR 25/2010), fixed trusts (Assistant Treasurer MR 80/2012), bare trusts (Assistant Treasure MR 122/2012), investment manager regime (Johnson Report 15/01/2010) and collective investment vehicles (Board of Taxation Report 17/12/2010).
Steven Ciobo MP announced that the reform of the taxation of trusts will be examined in the context of the Taxation White Paper (TTI 29th National Convention, Hobart, 28/03/2014; The Coalition’s Policy for Small Business at  (August 2013)).
The Taxation White Paper is to be issued prior to the next Federal election which must be held on or before 14 January 2017 ((2013) 39 WTB ) with any reforms scheduled for the Federal Government’s second term in office. The consultation process has not been announced.
The previous timing of the trust reforms and managed investment trust reforms no longer appears to be aligned, which may create some disconformities.
Unfortunately, tax practitioners appear to have another 3-4 years of continuing uncertainty regarding the taxation of trust.