The rules have changed for information required when filing a Domestic Trust tax return.
At the time of filing a trust tax return we are now also required to provide detailed information (name, address, IRD number etc.,) to IRD on the following:
- “Settlors” (people contributing to the Trust assets)
- “Beneficiaries” only if they have received funds from the trust in the financial year
- “Power of appointment” persons – Details of the person/s able to appoint trustees
- Details of the amount and nature of settlements made in the financial year
- Details of monies put in/taken out through the Beneficiary(ies) Current Account
- For assets in the trust such as land and buildings, the method of valuation e.g. cost price
This means we need a lot more information from you and if you don’t know these details for the above, we, or you will need to contact your lawyers for the information because we MUST have this information when we are filing tax returns.
Obviously, if you are able to supply this information to us directly, you will save yourself some lawyers’ fees. If you cannot provide all this information, it may lead to increased fees from us and the lawyers to obtain the information.