Following the introduction of the 39% tax rate on personal income over $180,000, Inland Revenue is paying closer attention to Trusts to assess compliance with this new tax rate and understand how Trusts are being used. This has resulted in increased disclosures being required as part of a Trusts Income tax return from the 2022 year onwards.
You should have heard from your accountant requesting any missing information we require to file your 2022 tax return. Please aim to get this information back to us in a timely manner, to ensure that there are no delays in filing your information for the 2022 financial year.
Due to the increased requirements and time taken to meet the increased disclosure rules, there may be an increase to your Trust accounting fee this year.
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