NZ Trust Tax Rate update
In yesterday’s NZ Herald there was an article where Finance Minister Nicola Willis revealed the government wants to exempt some Trusts from paying the new 39% tax rate due to come into effect on 1 April 2024.
Currently the proposed tax increase is still in Bill form in parliament. She advised the government planned to modify the Bill and were relooking at “carve-outs “and a “de minimis rate” for some Trusts.
She did not elaborate further but experts suspect this could involve applying the 39% tax rate to higher income earning Trusts and leaving lower earning Trusts on the current 33% rate.
We will advise on any further updates as they arise. Please contact us to discuss on 09 520 9200.
