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The Taxation (Annual Rates for 2026–27, FBT Simplification, Foreign Investment Funds, and Remedial Measures) Bill (the Bill) was introduced on 10 September 2026. Amendments to the Income Tax Act 2007 proposed in the Bill include: effective from the 2028-2029 and later income years a requirement that private trusts that allocate beneficiary income to tax exempt … Continue reading
Budget 2026 introduced a new ceiling to limit donation tax credits The Taxation (Budget Measures) Bill (No 3) (the Bill) implements this through an amendment to section LD 1 of the Income Tax Act 2007, to provide a maximum threshold of $100,000 of gifts qualifying for the donation tax credit (resulting in a maximum annual … Continue reading
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: to repeal specific provisions for trust disclosure in sections 59BA and 59BAB of the Tax Administration Act 1994 (TAA) as these are not … Continue reading
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: reduce the number of subjective tests in the rules remove unnecessary … Continue reading
Inland revenue has released a Special Report regarding the increased tax rate. The report outlines the new rules for trusts including: retaining the 33% rate for trusts with net income that does not exceed $10,000 carve outs for deceased estates carve outs for trusts settled for disabled people, and exclusions for energy consumer trusts and … Continue reading
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: an amended section HC B allowing three years from the year of the date of death before the 39% rate will apply to deceased estates an amended HC 39 to provide that trusts settled … Continue reading
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
