The Inland Revenue (IR) has confirmed NZ trusts can have a dual classification for tax purposes, as both a complying trust and a foreign trust. This comes as IR have finalised their updated Interpretation Statement on the Taxation of Trusts. It’s not an unusual situation to have a dual trust. For example, NZ’ers who are…

Inland Revenue recently issued a draft interpretation statement, PUB0061, on NZ tax law as it applies to trusts. The draft statement seeks to update the 1989 statement, and we attach a copy of our submission on certain of the tax issues that we thought deserved comment. Once the statement is finalised, it will become Inland…

The NZ Government’s moves to legislate for more transparency in the foreign trusts regime may lead to some non-resident’s packing up and shifting their foreign trust away from NZ to a more benign regime. Increased disclosure, yet the non-taxing of foreign sourced income derived by NZ foreign trusts will remain untouched by the foreign trust…

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