Trusts Category

New reporting requirements for domestic trusts. New Zealand Trusts that are active and meet specific criteria are now required to provide information about income, wealth and assets. Trusts have always have historically offered a high level of privacy and had leniency with compliance. However, these new reporting requirements for domestic trusts will affect approximately 180,000 New Zealand Trusts that report assessable income each year and may fall within the latest compliance update. There are exceptions to these requirements for the following trusts: Foreign Trusts Charitable Trusts Trusts that are eligible to be Maori Authorities; widely-held superannuation funds. Exempt employee share…

If you are a New Zealand resident and trustee of a foreign trust (also known as a ‘resident foreign trustee’) you must register the foreign trust with Inland Revenue and disclose certain detailed information. Foreign trusts also have annual filing obligations. An annual return must be filed with Inland Revenue within six months of balance date. The annual return also requires the disclosure of detailed information about the trust. Below is a thorough checklist to act as a guide to ensure the correct administration of foreign trusts. DOWNLOAD THE GUIDE What happens if my foreign trust doesn't meet the annual disclosure obligations? If a New…