If you are under 20 years old and receive money from a trust, some of that money might not be counted as your income. This rule applies to something called ‘beneficiary income’. When this happens, you don’t have to pay tax on that money. There’s a special part of the law called section HC 35 that explains more about this. This section talks about beneficiary income for young people (who the law calls ‘minors’). If the money you get fits what section HC 35 says, then it’s treated as ‘excluded income’. This means it’s not part of your taxable income.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1513482.
To the extent to which section HC 35 (Beneficiary income of minors) applies to an amount of beneficiary income, the amount is excluded income of the minor.
