The new Trusts Act 2019, which came into force on 30 January 2021, was one of the biggest changes for Trusts for quite some time. Now, Inland Revenue has also introduced further reporting and disclosure requirements.
These new rules enable Inland Revenue to collect additional information - whether your Trust transactions are taxable or not. Non-active Trusts, Charities, Māori Authorities and Foreign Trusts already subject to the foreign trust disclosure regime will not be subject to these new requirements.
