Since the trust disclosure rules came into force in the 2021–22 income year, trusts have been firmly back on the IRD’s radar. What began as an annual information exercise has quickly become a useful data set for IRD, giving them far better visibility [read more...]
Many family trusts in New Zealand are run informally and while that might have worked in the past, it’s now one of the biggest reasons Inland Revenue takes a closer look. Trustees who delay or skip documenting distributions risk extra tax, lost [read more...]
When a settlor of a trust relocates from New Zealand to Australia, determining the trust’s tax residence becomes crucial. This process involves first reviewing the trust’s status under New Zealand and Australian domestic tax laws, followed by applying the Double [read more...]
Trusts play a significant role in managing wealth, protecting assets, and ensuring succession planning in New Zealand. However, with increased scrutiny from Inland Revenue (IRD) under evolving tax regulations, not all trusts are subject to the same compliance obligations. Understanding [read more...]
As part of the Taxation (Annual Rates for 2023 – 24 Multinational Tax and Remedial Matters) Bill, the trust tax rate will increase from 33% to 39% from 1 April 2024. The new tax rate may be cause for concern [read more...]
Over the last few years there have been several changes that alter the landscape for family trusts. These changes include a new Trusts Act 2019, new and comprehensive disclosure requirements that began for the year ended 31 March 2021 and [read more...]
With the increase in 2021 of the personal tax rate to 39% for anything earned over $180,000, and with rampant inflation now pushing more people’s business incomes over that figure, some people may be looking for ways to change their [read more...]
In 2021, the Taxation (Income Tax Rate and Other Amendments) Act was passed by parliament. One of the changes made in the Act was a new top tax rate for individuals of 39%. Because the trust tax rate is [read more...]
