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The Minister of Revenue introduced the Taxation (Annual Rates for 2025–26, Compliance Simplification, and Remedial Measures) Bill (the Bill) into the House on 26 August 2025. Amongst other things the Bill proposes: References
Since 1940, to the extent a charity’s charitable purposes are carried out in New Zealand, income derived from charitable business activities has been tax exempt. Many of New Zealand’s 29,000 registered raise funds through business activities. These activities vary in size and scope. Where tax-exempt business activities directly relate to charitable purposes, such as a … Continue reading
Re Candida Trust provides practical guidance as to the scope of section 125 of the Trusts Act 2019 and the use of the High Court’s inherent jurisdiction to permit trustees to sign a new restated trust deed that incorporates varied terms. Background facts Waiver pursuant to section 125 of the Trusts Act As set out … Continue reading
The Government has announced its intention to align the trustee tax rate with the 39% top personal rate effective 1 April 2024. A limited exemption is proposed for deceased estates. The following commentary from the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill also explains the proposed exemption for trusts settled for … Continue reading
The Taxation (Income Tax Rate and Other Matters) Act 2020 enacted on 7 December 2020a introduced a new top personal tax rate of 39% and increased disclosure requirements fortrusts for the 2021–22 and later income years. See Reporting requirements for domestic trusts. The new disclosure rules have now been finalised and are contained in section59BA … Continue reading
New reporting obligations for domestic trusts were introduced by the Taxation (Income Tax Rate and Other Amendments) Act 2020 that will require more disclosure to Inland Revenue. However, an Order in Council is required to set the minimum requirements for this disclosure. Tax policy officials are now seeking feedback on these requirements, which are set … Continue reading
The Taxation (Income Tax Rate and Other Amendments) Act 2020, which was introduced on 2 December 2020 and enacted on 7 December 2020 following Royal Assent introduces new disclosure requirements for trusts. The Commentary to the Bill explains the new disclosure requirements at pp 18 to 19 as follows: “Detailed analysis Information required to be … Continue reading
Revenue Minister Stuart Nash has announced that the Government will move to restrict donation tax credits and gift deductions to cash donations (including payments made by credit card or bank transfer). This announcement follows the Court of Appeal decision in CIR v Roberts that upheld a High Court decision in the same matter and ruled … Continue reading
In Roberts v CIR the question for the court is whether the forgiveness of debt a monetary gift for the purposes of s LD 3(1)(a) of the Income Tax Act 2007? Background The Oasis Charitable Trust (the Trust), a registered charitable trust, was settled by Mrs Roberts and her late husband on 14 October 2007 to facilitate the growth of … Continue reading
It is important when dealing with trustee owned shares to appreciate how these might be treated for tax purposes. The following question from the CCH/TEO Q & A Service considers how and in specie distribution of share should be treated in the context of a distribution and a resettlement. Company shareholder continuity QUESTION: Trust B … Continue reading
Matters of Trust 