It has been reported that the IRD has reviewed the data resulting from trust disclosures and has gained insights into how trusts are being used. Of 226,000 IR6 tax returns filed, 204,000 indicated they were required to complete the disclosure requirements.

With the pending increase in the trust tax rate to 39%, IRD will be looking more closely at the behaviours that appear to have changed as they relate to trusts.

This course will look at trust disclosures and trustee obligations in a holistic and practical way.We will cover the trust disclosure rules for Complying (NZ domestic) and Foreign Exemption Trusts.

Before deciding on what obligations there are, it is necessary to determine:

• What is a trust from a tax perspective? (For example: discretionary, blind, bare and fixed trusts, estates and estate trusts, constructive trusts)
• What is the status or classification of the trust?
• Where is the income sourced?
• Where are the beneficiaries resident?

This course will work through these using common examples and will then work through the disclosure obligations, registration requirements, and return filing obligations the trustees have. We will also look at withholding obligations and reporting obligations to the IRD.

Suitable for: Intermediate to senior accountants and lawyers who advise on matters for trust and estate clients.