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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
Inland Revenue has reviewed information from the returns filed to meet domestic trust reporting obligations and has identified a number of common reporting errors including: Trust returns with any of these errors must be amended. This can be done through the software packaged being used or in myIR. See Additional reporting requirements References:
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 … Continue reading
The annual tax rates and remedial matters Bill has been re-introduced today. See Tax remedials. The new bill is the same as the annual tax rates and remedial matters Bill introduced last week, but without the proposal to standardise the application of GST to fees and services of managed fund providers. The full Bill can … Continue reading
Editor’s note: This bill was withdrawn on 1 September 2022. The bill was reintroduced as the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Bill (No 2) 164-1 (2022), Government Bill Contents – New Zealand Legislation on 8 September 2022 The remedial matters in the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial … 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
Webb v Webb relates to whether a tax debt owed by the former husband in New Zealand is enforceable in the Cook Islands, and what that means in the context of the division of matrimonial property in the Cook Islands; the validity of two trusts settled on somewhat unusual terms; and valuation considerations when a … Continue reading
On 3 March 2020, Supplementary Order Paper (SOP) No 453 was introduced into Parliament. This SOP proposes a number of remedial and technical amendments to the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill. One of the proposed amendments is an amendment to to s LD 3 of the Income Tax Act 2007, which … Continue reading
Trusts are a common form of asset ownership. However, the rights and obligations associated with trusts, and even simple matters such as contracting with trusts are not always well understood. On 26 February 2020 Vicki Ammundsen is presenting a webinar on trust fundamentals. The webinar will introduce basic trust concepts and will use a case … Continue reading
Matters of Trust 