Articles by John Rowe
If you are not a tax resident of New Zealand and have a New Zealand trust with New Zealand resident trustees, you may be subject to the IRD’s new foreign trust registration and disclosure rules.
These rules are in place as a result of concerns around the use of foreign trusts following the 'Panama Papers' publicity. The IRD have moved to make sure that they obtain and pass on significant information in relation to foreign trusts.To provide some brief background, a foreign trust is a trust where no person who has made a settlement on the trust has been a tax resident of New Zealand during the lifetime of the trust. This means your typical foreign trust is one that is set up and funded by individuals who are not tax resident at the time the trust was set up and have not become tax resident since. One of the main benefits of a foreign trust is that foreign income is not subject to tax in New Zealand.
Following this, if you have a trust and set it up at time when you were not tax resident of New Zealand and no person who has provided any value or gifted to the trust has become a tax resident since, then you may have a foreign trust and you should contact us immediately to determine if the new registration and annual filing rules apply to you.
Please contact us at GRA for assistance if you think these new rules might apply to you - phone us on +64 9 522 7955 or email us at [email protected].
I would like to say thank you for the opportunity for allowing me to come to the property school at Gilligan Rowe + Associates. Im in my early stages of becoming a property investor in New Zealand and to able to come to the property school has enabled to me gain very valuable information and knowledge which will help me be successful in property investing. The property school itself is one like no other because there is so much value given and from experts that practise what they are teaching. This in property school was one of the main highlights because being able to meet experts through the property school was my first time and gave me more confidence in general about property investment. Having combined reading the books (Property 101, Tax structures 101) at home and attending property school, the breath of valuable information and knowledge I have attained is substantial. - Tesfalidet, December 2019
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