Changes to the MLRs:
- change time limits for the registration of trusts, so that trustees now have until 1 September 2022 to register (extended from the original 10 March to give trustees a year after the TRS enabled registrations), and also to allow trustees 90 days (rather than 30) to update TRS with changes to required information; and
- add further exclusions to the type of trusts that are required to register. The exclusion for trusts holding life insurance policies is extended, and the instrument clarifies that trusts holding healthcare policies or death benefits payable under a retirement policy are excluded, as our trusts created in the course of opening a bank account for a minor or a vulnerable person.