Those of our Clients who own active trusts, will have received a letter from the IRD outlining the changes that have been made to the annual reporting requirements for trusts in the financial year 2021-2022.
Why are these changes being made?
The changes have been made by the IRD to the annual reporting requirements for domestic trusts in order for them to better understand and monitor the use of trusts and their financial positions.
What are the new requirements?
Trustees will need to provide additional information about a trust’s earnings, financial position, settlements, settlors, distributions, beneficiaries, and powers of appointment.
When is this information required?
Any trust that derives assessable income in a year will be required to provide these additional disclosures for that year (some exclusions apply). The extra information is required for the 2021-2022 tax year and every year after that.
What do you need to do?
There is no need to fill in the form sent to you by the IRD, we will collect this information directly from our Clients.
What information we will ask you for
Information on the beneficiaries of your Trust.
- Full name
- IRD numbers
- Dates of birth
- Country of residence
The information on ‘power of appointment to the Trust” and “settlers of the Trust” is mostly already on our records, however if not, we will contact you directly.
When do we require this information?
We require this information as soon as possible in order for us to complete your accounts.
How do you get this information to us?
- Click on the below link to download a beneficiaries information sheet, you can fill it in online, then save and email to us (jane@kts.co.nz)
- You can bring in the sheet when you drop off your accounts to us.
- You can contact us directly either by email or phone
