Trusts with assessable income have increased disclosure requirements for the 2021–2022 and later income years. This includes the requirement to prepare a statement of profit or loss and a statement of financial position.
The Tax Administration (Financial Statements—Domestic Trusts) Order 2022 was made on 7 March 2022. This Order sets minimum standards for financial statements prepared by trusts subject to these new disclosure rules.
For more information on the Order in Council, see the special report.
The Order in Council can be found at legislation.govt.nz.