Trust Compliance
Trust Compliance That Goes Beyond the Tax Return
The Trusts Act 2019 changed everything. Most trustees don't know what they're now required to do — and most accountants aren't telling them. We handle the full picture: tax, governance, and reporting.
Why Trust Compliance Has Changed
The Trusts Act 2019 was the first update to trust law in 60+ years. Here's what it means for trustees.
Enacted 30 January 2021
The first major update to New Zealand trust law in over 60 years. Every trust in the country is affected.
Enhanced IRD Reporting
Under s 59BA of the Tax Administration Act 1994, trusts must now provide detailed disclosure of settlements, settlors (name, DOB, jurisdiction, TIN), and distributions.
Trustees Now Accountable
Trustees are now accountable to beneficiaries in a way similar to how directors are accountable to shareholders — with real legal consequences for non-compliance.
Financial Statements Required
Financial statements to a minimum standard (P&L and balance sheet) are now required. A simple summary of income and expenses no longer meets IRD requirements.
Core Records Must Be Maintained
Trust deed, trustee details, assets and liabilities, minutes of key decisions, records of settlements, and records of distributions must all be maintained and available.
300,000–500,000 Trusts Affected
There are an estimated 300,000–500,000 trusts in New Zealand. Many are not yet compliant with the new requirements. Non-active trusts can declare non-active status (IR633), but most trusts with any activity don't qualify.
Trust Compliance Plans
Transparent, fixed-fee pricing. No surprises.
Trust Essentials
$1,788+GST/year
- IR6 trust income tax return
- Financial statements (P&L + balance sheet) to IRD minimum standard
- IRD disclosure preparation (settlor details, distributions, settlements)
- Annual trustee minutes preparation
- Annual compliance review against Trusts Act 2019 requirements
- IRD correspondence
Best for: Family trusts, asset-holding trusts, simple trading trusts
Get StartedTrust Complete
$2,988+GST/year
- Everything in Trust Essentials
- Rental property accounting within the trust (income, expenses, depreciation)
- Beneficiary distribution planning and documentation
- Trustee governance support (record-keeping, deed reviews)
- Annual structuring review (is the trust still the right vehicle?)
- Priority support
Best for: Property trusts, multi-asset trusts, trusts with active trading income
Get StartedSetup & One-Off Services
Get your trust's compliance foundation right from the start.
Trust Onboarding
$500+GST (one-off)
- Trust deed review
- IRD registration check
- Initial compliance gap assessment
- Xero setup for trust accounting
Waived for clients who also have a Foundation, Growth, or Strategic business engagement.
Trust Health Check
$750+GST (one-off)
- Full review of trust deed against Trusts Act 2019 requirements
- Review of last 2 years' trust returns and financial statements
- Identification of compliance gaps and governance deficiencies
- Chattel valuation gap analysis (if trust holds property)
- Restructuring recommendations
- Written report with priority action list
Most trusts haven't been properly reviewed since the Trusts Act came into force. Ours is the review that catches what others miss.
What's Included
Comprehensive trust compliance that covers tax, governance, and reporting.
Is Your Trust Compliant?
A quick self-assessment — 5 questions every trustee should be able to answer.
If you answered "no" to any of these, your trust may not be compliant. Book a Trust Health Check and we'll identify exactly what needs attention.
Book a Trust Health CheckRelated Services
Trust Compliance FAQ
Yes — unless your trust qualifies as non-active with income of $200 or less and meets all other non-active criteria. Most trusts with any activity, rental income, investments, or distributions will need to file an IR6 return and prepare financial statements.
The Trusts Act 2019, enacted 30 January 2021, was the first major update to trust law in over 60 years. Trustees are now accountable to beneficiaries in a way similar to how directors are accountable to shareholders. Enhanced reporting requirements mean you must prepare financial statements to a minimum standard, disclose all settlor details (including name, date of birth, jurisdiction, and TIN) to IRD, maintain core trust records, and keep trustee minutes for key decisions.
Our Trust Essentials plan starts at $149+GST/month ($1,788/year) covering IR6 returns, financial statements, IRD disclosures, trustee minutes, and annual compliance reviews. Trust Complete is $249+GST/month ($2,988/year) and adds rental property accounting, beneficiary distribution planning, governance support, and annual structuring reviews.
Technically yes, but the enhanced reporting requirements under the Trusts Act 2019 and s 59BA of the Tax Administration Act 1994 make it complex. You need to prepare financial statements to IRD minimum standard (P&L and balance sheet), disclose detailed settlor information, document all distributions, and maintain comprehensive trust records. Most trustees find the compliance burden significant enough to warrant professional help.
Non-compliance can result in IRD penalties for late or incorrect filing, personal liability for trustees, and potential claims from beneficiaries under the Trusts Act 2019. The Act strengthened beneficiaries' rights to information, meaning trustees who haven't maintained proper records or met disclosure obligations face increased legal risk.
Book a Trust Health Check
Most trusts haven't been properly reviewed since the Trusts Act 2019 came into force. Our $750+GST Trust Health Check identifies compliance gaps, governance deficiencies, and missed opportunities — with a written report and priority action list.