Family Trusts are a very effective way for anyone to protect their assets from a wide range of events that in many cases are beyond our control.
But it's not just a matter of getting a family trust set up and leaving it alone! There are important administrative details that simply must be managed properly. The risks of not doing this could cause serious problems in the future, and cause an overpayment of tax to the IRD.
One of these administrative details that should be considered by you and your accountant or lawyer responsible for setting up your family trust, relates to correct trustee resolutions being made at the right time.
Under New Zealand Law, income earned by a Family Trust or Trust must have tax paid on it.
In some cases however, from a tax perspective, there can be advantages for the Trust to pay the income it has received, out to its beneficiaries.
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