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Tax Administration Act 1994

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

59BAB: Commissioner may require trust information for period after 2013–14 income year

You could also call this:

"The Commissioner can ask for trust information from 2014 onwards"

Illustration for Tax Administration Act 1994

The Commissioner can ask a trustee of a trust to give them information. This information is about the trust and a certain time period. You need to give the information in a certain form and by a certain date. The Commissioner can also send a notice to all trustees of trusts with certain characteristics. The notice will say what information is required and when it is due. The information is for each period that starts after the 2013-14 income year and ends before the 2021-22 income year. If the trustee of a trust does not live in New Zealand, a settlor who lives in New Zealand must make sure the trustee does what they are supposed to do. A notice from the Commissioner is a type of law under the Legislation Act 2019, and you can find out more about publication requirements in Part 3 of the Legislation Act 2019. The Commissioner can get information that would normally be required under section 59BA if the period started after the 2020-21 income year. You must give the Commissioner information that you know, have, or can get. This information must be about the trust and the time period the Commissioner asks for.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS437240.

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

59BABCommissioner may require trust information for period after 2013–14 income year

  1. The Commissioner may require a trustee of a trust to provide, in the prescribed form and by the specified date, information that—

  2. relates to the trust and a period beginning after the end of the 2013–14 income year and ending before the beginning of the 2021–22 income year; and
    1. would be required to be provided under section 59BA if the period began after the end of the 2020–21 income year; and
      1. is in the knowledge, possession, or control of the trustee.

        1. The Commissioner may issue a notice requiring the trustee of each trust having the characteristics specified in the notice to provide, in the prescribed form and by the specified date, information—

        2. that is described in subsection (1) and is specified in the notice; and
          1. is for each period that is specified in the notice and begins after the end of the 2013–14 income year and ends before the beginning of the 2021–22 income year.

            1. If the trustee of a trust is a non-resident, a settlor of the trust who is a New Zealand resident is responsible for ensuring the performance of the obligations imposed on the trustee by this section.

            2. A notice under subsection (2) is secondary legislation under the Legislation Act 2019 (see Part 3 of the Legislation Act 2019 for publication requirements).

            Notes
            • Section 59BAB: inserted, on , by section 35(1) (and see section 35(2) for application) of the Taxation (Income Tax Rate and Other Amendments) Act 2020 (2020 No 65).
            • Section 59BAB(4): amended, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).