Income earned by trusts

Income tax Dates

MAY 7

AIM instalments are due if you have a March balance date.
MAY 7

Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
MAY 28

AIM instalments are due if you file GST monthly and have a March balance date.

All Income tax dates

Trusts can earn income from investments, business activities or other uses of trust property.

Trustees may decide to keep income for the trust. This income is called trustee income.

And trustees may decide to make distributions to beneficiaries. Distributions are classed as either:

beneficiary income
other distributions.

Trustees are responsible for paying income tax on any trustee income that is taxable. If a distribution is taxable, trustees must pay income tax on behalf of the beneficiaries.

Beneficiaries must pay income tax on their beneficiary income and other taxable distributions. They can claim a credit for the tax paid by trustees.

Ceasing or scaling back your trust

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