New Reporting Requirements for Trusts

Dear Clients,

Inland Revenue has finalised its operational statement on the new reporting requirements for domestic trusts. In a nutshell, from the 2021 - 22 income year, most New Zealand trusts must:

  • file an income tax return,

  • comply with additional disclosures, and

  • prepare financial statements.

Non-active complying trusts with no income are exempt from these three requirements. Non-active complying trusts with income of $200 or less in interest income are exempt, provided they complete an IR633 (Non-active trust) declaration.

We suggest trustees become aware of the extended requirements. We are here to help you navigate these changes.

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