Trusts and estates: Explaining the important concepts
Information a settlor must give Inland Revenue
If a New Zealand resident settlor makes a settlement on a trust on or after 17 December 1987, and the trust did not have any New Zealand resident trustees at the time, the settlor must give us details of the settlement within three months of the date of settlement. The settlor must also give us the names and addresses of the trust's trustees and beneficiaries. For disclosure purposes, a settlement also includes one made as a nominee of another person, or of a nominal amount made at the request of another person.
If all of a trust's trustees cease to be New Zealand residents, the settlor must tell us within three months of the date on which the trust ceased to have a resident trustee.
In each of these situations, the settlor gives us this information by filling in a Settlors of trusts disclosure (IR462) form. They must send this completed form to us within three months. You can view a copy on 'Forms and guides' or order one by phoning INFOexpress.
Date published: 23 Nov 2004
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