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Income Tax Act 2007

Income - Income specific to certain entities

CV 15: Amounts derived from trusts while person absent from New Zealand

You could also call this:

“Money from trusts may be taxed when you return to NZ after being away”

If you are away from New Zealand for a while and then come back, you might get money from a trust. This money could be from the trust’s income or a special payment called a taxable distribution. When you return to New Zealand and become a resident again, you might have to count this money as income. This happens on the day you become a New Zealand resident again. There’s a special rule in [section HC 23] that talks about when people are away from New Zealand for a short time. This rule decides if the money from the trust counts as your income when you come back.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513119.

Topics:
Money and consumer rights > Taxes
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Part C Income
Income specific to certain entities

CV 15Amounts derived from trusts while person absent from New Zealand

  1. To the extent to which section HC 23 (Temporary absences of beneficiaries) applies to an amount of beneficiary income or taxable distribution, the amount is income of the person derived on the day on which the person becomes resident in New Zealand again.

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