Proposed Trust Changes

Note- Information current in July 2026

Fox and Thomas Business Lawyers are strong supporters of the Macintyre Ag Alliance and understand the important role farming families and agricultural businesses play in our local economy and community. 

With 25 years of experience in rural legal practice across South West Queensland and Northern New South Wales, Michael Cowley is one of the region’s most experienced and respected rural lawyers. His areas of expertise include succession and estate planning, business structuring, complex rural transactions and water law. 

Michael and some of the Fox and Thomas team joined us at our July 2026 New Ag Tech & Landscape Management Field Day, held at the Coggan family’s Enarra property near Meandarra. Michael presented on structuring considerations for primary production businesses following the Federal Budget. 

A key focus of Michael’s presentation was the future of discretionary trusts as a structure for family farming land. With proposed changes to the taxation of discretionary trusts, many farming families are understandably considering whether their existing structures remain appropriate. 

Michael highlighted that, while tax considerations are important, discretionary trusts can provide farming families with benefits that extend well beyond annual tax outcomes. These can include asset protection, flexibility in succession planning, maintaining family ownership and helping to preserve farming land across generations. 

For families looking to transition their farming business to the next generation, the ability to change control of a trust without necessarily transferring the underlying land can provide greater flexibility and may help avoid repeatedly transferring or fragmenting valuable agricultural land. Michael also emphasised that every family’s circumstances and structure are different, and professional legal and financial advice is essential when considering any changes. 

We thank Michael and the Fox and Thomas team for their continued support of the Macintyre Ag Alliance and for sharing their knowledge and practical insights with our members. Presentations such as Michael’s provide valuable opportunities for farming families to consider the long-term structure, succession and sustainability of their businesses.