Interpretation Statement IS 24/01, which updates and replaces IS 18/01 explains the taxation of trust under the trust rules in the New Zealand Income Tax Act 2007.
The statement provides guidance on matters including:
- how trustee income is taxed, and
- settlor, trustee and beneficiary tax compliance obligations.
IS 24/01 does not address the change to the trustee tax rate from the current 33% to 39% that has been proposed by the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill.
References:
- Interpretation Statement IS 24/01
- Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill
Matters of Trust 
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