Testamentary Trust Italian Tax Code (Codice Fiscale) Under the Australian legal system it is common practice to establish a testamentary trust to manage the testator's assets after their death. Since under the Italian law there is no law governing trusts, a coordination issue arises between the two legal systems, the Italian and Australian. The first of these issues concerns the requirement for an Italian tax code issued in the name of the trust/trustee, which is essential fo

Introduction The tax code is the Italian equivalent of the Australian Tax File Number. It is used to identify an individual, whether a natural person or a legal entity, intending to conduct a business with tax implications. The tax code is also required in several cases for citizens residing in Australia. One of the most frequent cases is when an Australian resident inherits property located in Italy. If so, in order to claim the assets, the heir residing in Australia shall p