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Tax Administration Act 1994

Information, record-keeping, and returns - Returns - Fringe benefits

59: Disclosure of trust particulars

You could also call this:

"Telling the government about trust details when there's no New Zealand trustee"

Illustration for Tax Administration Act 1994

You make a settlement to a trust and there is no trustee in New Zealand. You must tell the Commissioner about the settlement within three months. You have to give details like the name and address of the trustee and beneficiary. If you would have made a settlement to a trust but for a rule in the Income Tax Act 2007, you still have to tell the Commissioner. You have to give details like the name and address of the person who is deemed to be the settlor. You have to do this within three months of the settlement. Some trusts do not have to follow these rules, like superannuation funds. These rules also did not apply to some superannuation schemes before 1 April 1990. You do not have to tell the Commissioner about these trusts or schemes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM351597.

Topics:
Money and consumer rights > Taxes
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Part 3Information, record-keeping, and returns
Returns: Fringe benefits

59Disclosure of trust particulars

  1. Where any person resident in New Zealand at the time of settlement makes a settlement on or after 17 December 1987 to or for the benefit of a trust or on the terms of a trust and—

  2. at the time of the settlement there was no trustee of that trust resident in New Zealand; or
    1. if at the time of the settlement there was a trustee of the trust resident in New Zealand, on any subsequent date there is no trustee of the trust resident in New Zealand,—
        1. that person shall disclose to the Commissioner in the prescribed form and within 3 months of the date of settlement or of the date on which there is no trustee of the trust resident in New Zealand the fact of that settlement, the name and address of the trustee and the beneficiary of the trust, and such further details as may be required by the Commissioner.

      1. Where any person resident in New Zealand at the time of settlement would be treated as having made a settlement to or for the benefit of a trust or on the terms of a trust but for the application of section YB 21 of the Income Tax Act 2007, and where at the time of settlement there was no trustee of that trust resident in New Zealand, that person shall disclose to the Commissioner in the prescribed form within 3 months of the date of settlement the fact of that settlement, the name and address of the person who is deemed to be the settlor of the trust under section YB 21 of that Act, and such further details as may be required by the Commissioner.

      2. Repealed

      3. Nothing in subsections (1) and (2) or in section 93B shall apply to any trust that is a superannuation fund, or to any person in respect of a superannuation fund.

      4. Nothing in subsections (1) and (2) or in section 93B shall, before 1 April 1990, apply to any superannuation scheme constituted outside New Zealand and classified by the Government Actuary under regulation 29 or regulation 30 of the Superannuation Schemes Regulations 1983.

      Compare
      • 1976 No 65 s 231
      Notes
      • Section 59(2): amended (with effect on 1 April 2008), on , by section 627(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
      • Section 59(2): amended (with effect on 1 April 2008), on , by section 627(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).
      • Section 59(2): 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).
      • Section 59(3): repealed, on , by section 34 of the Taxation (Income Tax Rate and Other Amendments) Act 2020 (2020 No 65).
      • Section 59(4): 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).
      • Section 59(5): 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).