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2023 Income tax assessments | From now until the end of July we’re issuing income tax assessments. Most people will receive theirs by 10 June. Timelines at the end of the tax year.

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Ngā rōpū kaitiaki me ngā rawa tuku iho Trusts and estates

What are trusts and estates

A trust is an entity that holds money or property for the benefit of its beneficiaries or for law purposes. Estates are a person’s assets after they have died. Both trusts and estates are taxed on the income they generate.

Foreign trusts with New Zealand resident trustees

We refer to foreign trusts with one or more New Zealand resident trustees as New Zealand Foreign Trusts (NZFTs). For information about registering NZFTs with us, guidance and ongoing disclosure and return processes, see our international section about foreign trusts.

Foreign trusts with New Zealand resident trustees

Tax summary

Trusts often have money or property that's used as an investment to earn revenue. This revenue becomes the trust’s income as it's earned. The initial settlement on the trust is not income for tax purposes.

Estates can continue to earn money after a person has died.

Reporting the final income 

From the tax year ending 2023 an executor will need to decide if any reportable income received in the 28 days following death, is included in either

  • a final income tax return for the individual
  • a return for the estate.

Otherwise this income generally follows trust tax rules.

For further information refer to the IR288 Guide - Trust and estate income tax rules 

Filing trust returns

File an IR6 trust or estate income tax return

Additional reporting requirements for NZ domestic trusts

File estate or trust beneficiary details - IR6B

Trust disclosures common errors

Setting up

  • File an estate or trust return for someone who has died
  • Trusts and tax residency

Ongoing

  • Portfolio investment entities and trustees
  • Voluntary work

Closing down

  • Cease a trust or estate

Updates: Trusts and estates

  • 11 Mar 2022 Minimum standards for financial reporting by domestic trusts

    Trusts with assessable income have increased disclosure requirements for the 2021–2022 and later income years.

  • 15 Oct 2021 New reporting requirements for most domestic trusts

    Public consultation now underway.

Subscribe More updates

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  • I'm looking after the estate of someone who has died

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