High Court Affirms Trust Deeds' Power in SMSFs

The Queensland government has introduced new trust laws, modernizing legislation that had remained largely unchanged for over 50 years. The new Act, reflecting recommendations from the Queensland Law Reform Commission and recent stakeholder consultations, grants trustees broader powers while imposing minimum statutory requirements for care, diligence, and skill in managing trust property. It also simplifies procedures for trustees of small charitable trusts to alter trust purposes when the original objectives can no longer be met. The reforms aim to update trust law to better reflect contemporary needs and practices, impacting a wide range of individuals and organizations involved with trusts in Queensland.