Trusts earning less than $10,000 likely to be exempt from tax hike

Trusts earning less than $10,000 likely to be exempt from tax hike
Nicola Willis said the committee's advice was in line with govt thinking. (Image: Getty)
Staff reporters
The government has detailed how it wants to exempt low-income earning trusts from a tax hike due to take effect on April 1.It proposes to ensure trusts that earn less than $10,000 a year continue to be taxed at 33%, leaving those that earn more than this sum to be taxed at the new trustee rate of 39% on all their income.Last year, the Labour government decided to lift the trustee tax rate from 33 to 39% from the 2024-25 tax year.It wanted to ensure the trustee rate aligned with the relatively new top income tax rate of 39%, applied to income ov...

More Policy

Govt says university reform process is still on track
Policy

Govt says university reform process is still on track

Many university academics are wondering what happened to the Government's advice.

Greg Hurrell 29 Jul 2025
Bishop 'exploring options' to refresh critical freight study
Policy

Bishop 'exploring options' to refresh critical freight study

The study was last updated using data from 2017 and 2018.

Oliver Lewis 28 Jul 2025
Fast-track legal fight over Tauranga wharf extension
Policy

Fast-track legal fight over Tauranga wharf extension

Bay of Plenty hapū seek High Court intervention to stop expert panel being set up.

Oliver Lewis 23 Jul 2025
Contractor costs climb as Scott Base spend tops $143m
Policy

Contractor costs climb as Scott Base spend tops $143m

Antarctica NZ spent $9.3m on contractors in five months this year.

Oliver Lewis 21 Jul 2025