Changes to trust disclosures to prevent under-taxation
Two changes have recently surfaced in relation to trusts and the disclosure of trust information. Inland Revenue intends using the information to determine how trusts are being used and measures to prevent under-taxation from the use of trusts.
New disclosure rules for trusts from 2022 income tax year
There are new standards for preparing minimum requirement financial statements for trusts that will apply from the 2022 income tax year (from 1 April 2021 in most cases) onwards. We outline these new disclosure rules here.
New trust annual return requirements
Trusts will soon be required to provide an ‘annual return’ to Inland Revenue disclosing various trust information. Applying for the 2022 income year onward, IR can also request the same annual return information for any period between 2015 and 2021 income years.
How to work effectively as a trustee
If you are a trustee, you should be well aware that the Trust Act 2019 comes into effect at the end of next January. You should also be aware that there are changes that affect you and your responsibilities.
Trusts and beneficiaries – what the new Act requires
We’re becoming aware that there is some misunderstanding among clients about what the new Trusts Act requires around trust beneficiaries and their rights. We outline some key facts to help clarify any confusion.
Are you ready for the new laws around Trusts?
Do you have a trust or are you a trustee? The new Trusts Act 2019 came into effect on 30 January 2021 with legal requirements that are more prescriptive than in the past.