Filing a tax return for a trust just got a whole lot more complicated. IRD now require some trusts to provide additional information in their annual tax return, which consequently, involves additional time and reporting. 

This does not apply to all trusts. For example, an estate is not a trust and is not required to comply with the new reporting requirements. 

So, what are the additional reporting requirements? IRD now require some trusts to provide more detailed information about their financial situation and the people involved. These requirements apply to tax returns for the year 2021-2022 and later income years. 

To find out if your trust has been affected and read about the changes click here. 

At Ōmokoroa Accounting we understand the practicalities of trusts. Our experience enables us to assist you with the financial reporting requirements according to the Trust Law which was revised in early 2021 and with the new IRD disclosure requirements. Want to know more? Get in touch with the team.