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Income Tax Act 2007

Income - Excluded income - Definitions

CX 58B: Amounts derived by certain close companies from trusts

You could also call this:

“Tax rules for money close companies receive from trusts”

When you are part of a close company, sometimes you might get money from a trust. This money is called beneficiary income. There’s a special rule in [section HC 38] that talks about this kind of income for close companies. If this rule applies to the money your close company gets from a trust, you don’t have to count it as income that can be taxed. The government calls this ‘excluded income’. This means you won’t have to pay tax on this particular money that your close company received from the trust.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS960782.

Topics:
Money and consumer rights > Taxes
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Part C Income
Excluded income: Definitions

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CX 58BAmounts derived by certain close companies from trusts

  1. To the extent to which section HC 38 (Beneficiary income of certain close companies) applies to an amount of beneficiary income of a close company, the amount is excluded income of the close company.

Notes
  • Section CX 58B: inserted, on , by section 27(1) (and see section 27(2) for application) of the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Act 2024 (2024 No 11).