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If any details about settlements or distributions in previous returns are missing or wrong, you, the contact trustee, will need to add or correct them. After filing a New Zealand foreign trust's annual return, you'll be able to update its settlements and distributions.

Before you start

For the settlement or distribution, you'll need to know the:

  • tax year for which you're making the correction
  • settlor or beneficiary's name
  • transaction date
  • type of settlement or distribution
  • amount
  • currency.

If you're correcting the amount of a settlement or distribution in a tax year, your financial statements may also be incorrect. If so, you'll need to send us corrected financial statements while still meeting the minimum standards.

Minimum standards for financial statements

Correct past returns in myIR

From the homepage in your myIR account, select:

  • 'More' in your New Zealand foreign trust account
  • 'Send a message' under 'Communicating with IR'
  • 'Update trust registration' for the message category, which includes updating historical settlements or distributions.

Enter the details for the settlement or distribution

For the settlement, tell us the:

Upload corrected financial statements

Attach any corrected financial statements that you need to provide.

Review and submit

Make sure you've:

  • entered all of the correct details for the settlements or distributions
  • uploaded all supporting documents.

Log in to myIR

If you want to use a paper form to correct past returns, you can send us an updated New Zealand foreign trust settlements and distributions schedule - IR900A form.

What happens next

We'll contact you within the next 15 working days, either to confirm that we've updated the trust's return or to ask for more information.

Last updated: 15 Apr 2024
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