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Income Tax Act 2007

Taxation of certain entities - Trusts

HC 17: Amounts derived as beneficiary income

You could also call this:

"Money you get from a trust as a beneficiary"

Illustration for Income Tax Act 2007

You get income from being a beneficiary. This income is counted under section CV 13(a). It is your income, except when section HC 35 applies. If you are a minor, it is different. You are a minor if you are under a certain age. If so, the beneficiary income is not counted as your income. It is counted as trustee income under sections CX 58 and HC 35. This means it is treated differently.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1517300.

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Topics:
Money and consumer rights > Taxes
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"How money and assets from certain trusts are given to beneficiaries"

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Part HTaxation of certain entities
Trusts

HC 17Amounts derived as beneficiary income

  1. An amount that a person derives in an income year as beneficiary income is income of the person under section CV 13(a) (Amounts derived from trusts), except to the extent to which it is beneficiary income to which section HC 35 applies.

  2. Subsection (1) does not apply to beneficiary income derived by a minor. The beneficiary income is excluded income of the minor, and treated as trustee income under sections CX 58 (Amounts derived by minors from trusts) and HC 35.

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