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V Trustees Limited (the Trustee) was concerned to protect the position of C who was the beneficiary of a trust much diminished due to the actions of her litigious brother, A, whose conduct had caused substantial losses with “no signs of the attacks abating.” The matter came before the Jersey Royal Court on an application … Continue reading
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
Inland Revenue has releaed a post-implementation review of the increased disclosure requirements that were introduced in December 2020 with application from the 2021–22 and later income years. See Trust disclosures post-implementation review Inland Revenue’s post-implementation recomendation is to retain the disclosure regime with changes to: The report is accompanied by the 2023 trust disclosure data and … Continue reading
Inland revenue has released a Special Report regarding the increased tax rate. The report outlines the new rules for trusts including: References:
With limited exceptions the trustee tax rate has increased to 39% effective 1 April 2024. Note that for deceased estates: For disabled beneficiary trusts: For more information see Trust and estate changes. References: Tax Bill receives assent (ird.govt.nz)
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill has had its third reading and now awaits assent. One aspect of the increased trustee tax rate will be the application to testamentary trusts that cannot be fully distributed in the permitted time-frame. While many estates are administered efficiently and without tax implications. … Continue reading
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill (the Bill) has been amended by the inclusion of: As noted in the commentary to the Bill: References:
Inland Revenue has issued a General Article (GA 24/01) providing guidance regarding how Inland Revenue might perceive certain transactions and structure changes. In GA 24/01 Inland Revenue provides high level guidance regarding specific transactions and structural changes that are unlikely to be considered tax avoidance (without artificial or contrived features) such as distributions of income … Continue reading
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: IS 24/01 does not address the change to the trustee tax rate from the current 33% to 39% that has been … Continue reading
Inland Revenue has issued an updated exposure draft regarding the taxation of trusts that will replace the current IS 18/01. The exposure draft, which has a consultation period ending 13 October 2023 is a general guide as to how income derived by the trustees and beneficiaries of a trust is taxed. The exposure draft also … Continue reading
Matters of Trust 