New tax return disclosures for Trusts
The Inland Revenue now requires additional information to be provided in a Trust’s annual tax return under new disclosure rules.
This information includes :
- Beneficiary Name, IRD number, Tax Residency, and date of birth
- Settlor Name, IRD number, Tax Residency, and date of birth
- Details of capital and income distributions
- Disclosure of certain Assets such as Land, Buildings and Shares held by the Trust
- Relates Party Loans
- Power of Appointments
- Amount and Nature of any settlements during the year
This is effective for the March 2022 tax return onwards.
As a result, when we complete your Trust’s tax return, we may ask you to provide further information to enable us to complete this.
This additional compliance will require more of our time to complete the return and may lead to additional costs. Beneficiaries who don’t currently have IRD numbers may also have to obtain one.
To discuss this new reporting requirement in more detail or to ask any questions, please contact our team on 09 520 9200.