Trusts Income Tax Return Filing Services

We are offering Trusts Income Tax Return Filing Services . The trustee must file an Income tax return: estate or trust for the trust each year (this return is separate from the trustee's own personal tax return). The trustee then calculates the tax payable on the beneficiary income, trustee income and taxable distributions. An Estate or trust beneficiary details needs to be filled out for each beneficiary. The beneficiaries can then claim a credit for tax paid on their beneficiary income and taxable distributions (and their share of tax credits) in their own personal income tax returns.

The beneficiaries' tax returns
You can claim a credit for any tax the trust has deducted before they paid the income to you. However, if the tax was deducted overseas, the maximum credit a New Zealand beneficiary can claim is the amount of New Zealand income tax payable on their share of the overseas trust income.
Generally, you must file a return even if your company or organisation hasn't made any taxable profits.
Tax losses of trusts
Generally, if a trust's expenses are greater than its income it will have a loss for tax purposes.