Changing the Test Individual
Enquiry:
I am the ‘test individual’ of the Wong Family Trust. I wish to make my husband the Test Individual from 2018/19 income year.
Please advise me about the conditions for this variation.
Explanation:
The specified individual can be varied once, and only once, subject to certain conditions, including that both:
- the new specified individual was a member of the family of the originally specified individual at the election commencement time
- there have been no conferrals of present entitlement, or distributions of income or capital, by the trustee of the family trust or an entity that made an Interposed Entity Election in relation to the trust to parties outside the new specified individual’s family group during the period in which the election has been in force.