The Business Advisory Blog

The Business Advisory Blog

Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

Vanessa Williams
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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.

Topics: Income New Zealand tax rate trust