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Tax Administration Act 1994

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

59C: Time limits for registration and disclosure of changes

You could also call this:

"Deadlines for registering and updating trust information"

Illustration for Tax Administration Act 1994

You need to register a foreign exemption trust. If you become required to register on the amendment assent date, you must apply by 30 April 2023. You can find more information about this in section 59B(2B). You must provide information to the Commissioner after your trust is registered. You need to give the Commissioner this information with your next income tax return. This is according to section 59B(5). There is a special time period called the grace period. This period is 4 years and 30 days from when your trust becomes a foreign exemption trust. During this time, you have more time to meet the requirements. If you are a trustee, you must meet the requirements within the given time. This time can be the normal time or the grace period, depending on your situation.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM7127020.

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59B: Foreign exemption trust: registration and disclosure, or

"Registering a foreign trust with the government"

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59D: Annual return for foreign exemption trust, or

"Trustees must send yearly financial reports for foreign trusts to the government"

Part 3Information, record-keeping, and returns
Returns: Fringe benefits

59CTime limits for registration and disclosure of changes

  1. A trustee who becomes required to register a foreign exemption trust under section 59B(2B)—

  2. on the date (the amendment assent date) on which the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 receives the Royal assent, is required to apply for the registration in the period beginning with the amendment assent date and ending with 30 April 2023, except if subsection (3) applies; or
    1. after the amendment assent date, is required to apply for the registration in the period of 30 days from which the requirement commences, except if subsection (3) applies.

      1. A trustee who is required by section 59B(5) to provide information to the Commissioner after an application for the trust to be registered, must provide the information before or with the income tax return that is next due after the trustee becomes aware of the addition or alteration.

      2. A period for the meeting of a requirement that would otherwise be given by subsection (1) for a trustee is given by subsection (4) for the trustee if—

      3. each trustee of the trust is a natural person; and
        1. for each trustee of the trust who is responsible for the performance of the obligations imposed by section 59B, the trust is the first trust for which the trustee has been a trustee; and
          1. each trustee of the trust is not a professional trustee; and
            1. the end of the period of 4 years and 30 days beginning with the earliest date on which the trust becomes a foreign exemption trust (the grace period) occurs after the period that would otherwise be given by subsection (1).

              1. If subsection (3) applies for a requirement imposed on a trustee, the trustee must meet the requirement within the grace period.

              Notes
              • Section 59C: inserted, on , by section 11 of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).
              • Section 59C(1): replaced, on , by section 177(1) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
              • Section 59C(2): replaced, on , by section 177(2) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
              • Section 59C(3)(a): amended, on , by section 177(3) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
              • Section 59C(3)(b): replaced, on , by section 177(4) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
              • Section 59C(3)(c): amended, on , by section 177(5) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).
              • Section 59C(3)(d): replaced, on , by section 177(6) of the Taxation (Annual Rates for 2022–23, Platform Economy, and Remedial Matters) Act 2023 (2023 No 5).