Talking to the taxman about trusts

The family home is often protected by a trust. (Image: Getty)

Tue, 21 Nov 2023

The first of former revenue minister David Parker’s booby traps for high-income taxpayers' use of trusts has gone off.The Inland Revenue Department (IRD) late last week published a summary of findings from the closest look ever taken “to provide insights into the way that trusts are used in NZ (to inform generally and inform policy decisions) and ensure compliance with the 39% tax rule”.The report is described as a “one-off analysis of the 170,000 trusts subject to the new disclosure requirements in the 2022 tax year...

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