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Tax Administration Act 1994

Information, record-keeping, and returns - Taxpayers’ obligations to keep records - Taxpayer's obligations to keep records

22B: Further records required

You could also call this:

"Keep extra trust records if you're a trustee"

Illustration for Tax Administration Act 1994

You must keep records if you are a trustee and certain rules apply to you, such as section EW 44 or EZ 39 of the Income Tax Act 2007. You need to keep records of the amounts of debt forgiven by creditors and amounts distributed to the trust's beneficiaries in English or te reo Maori. You must take care of these records and keep them for as long as the trust exists.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM350712.

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22A: Records required under subpart EW of Income Tax Act 2007, or

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Part 3Information, record-keeping, and returns
Taxpayers’ obligations to keep records: Taxpayer's obligations to keep records

22BFurther records required

  1. A trustee to whom either section EW 44 or EZ 39 of the Income Tax Act 2007 applies must keep, in English or te reo Maori, records of—

  2. the amounts of debt forgiven by creditors; and
    1. amounts distributed to the trust's beneficiaries.

      1. A trustee required to retain records must—

      2. take all reasonable precautions for the safe custody of those records; and
        1. retain those records for as long as the trust exists.

          Notes
          • Section 22B: inserted, on (applying on and after 20 May 1999), by section 63(1) of the Taxation (Accrual Rules and Other Remedial Matters) Act 1999 (1999 No 59).
          • Section 22B heading: amended, on (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
          • Section 22B(1): amended, on , by section 94 of the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Act 2019 (2019 No 33).
          • Section 22B(1): amended, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).