Domestic Trust Reporting Variation

The reporting requirements for domestic trusts (and estates) that derive a small amount of income but have not (or cannot register as non-active pending an increase in the non-active limited introduced by the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2)) have been varied so that such trusts and estates will be subject to much lower reporting requirements. 

For such trusts Section 59BA(2)(a) – (e) of the Tax Administration Act 1994 is varied so that for a trustee of an Eligible Trust to require the name, date of birth, jurisdiction of tax residence, and tax file number and taxpayer identification number, of each settlor who makes a settlement on the trust in the income year.

See TRU 22/01 Variation to s 59BA(2) of the Tax Administration Act 1994 for trustees of certain trusts that derive a small amount of income