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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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.

trust-233This 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.

Topics: compliance Inland Revenue Department IRD reporting tax return trust