Since April 2024, income retained inside a discretionary trust is taxed at 39% — the same as the top personal rate. The rules changed significantly. Whether your trust still makes sense depends entirely on how it is being used.
Before 1 April 2024, trustee income — income retained inside a family trust rather than distributed to beneficiaries — was taxed at 33%. This made trusts attractive for high-income earners, because retaining income in the trust and paying 33% was cheaper than paying their personal marginal rate of up to 39%.
From 1 April 2024, that advantage disappeared. The trustee tax rate was increased to 39% — matching the top personal rate. Income retained in the trust is now taxed at the same rate as the highest personal bracket. For many trusts, this fundamentally changed the tax calculus.
This was not a surprise — it was a deliberate policy decision to close the gap between the top personal rate (39%, introduced in 2021) and the trustee rate (which had remained at 33%). The IRD had signalled this change was coming for some time.
Separately from the tax rate change, the Trusts Act 2019 (effective January 2021) introduced new mandatory obligations for trustees: annual financial statements must be prepared, beneficiaries must be notified of their status and can request information about the trust, and trustees must actively exercise their duties. These obligations apply regardless of trust size. The compliance cost of running a trust has increased — and ignoring these obligations creates legal risk.
The 39% trustee rate applies only to income that is retained in the trust — left sitting in the trust rather than distributed to beneficiaries. If income is distributed to beneficiaries before 31 March, it is taxed at the beneficiary's own personal rate — which may be much lower than 39%.
This is the core of why family trusts can still be valuable: income splitting. If you have beneficiaries with low personal income — an adult student child, a non-working spouse, a retired parent — distributing trust income to them can still result in a significantly lower total tax bill than paying the 39% trustee rate or paying the income at your own top marginal rate.
Your trust earns $60,000 in rental income this year. You are on the 33% personal tax rate.
Option A — retain in trust: $60,000 × 39% = $23,400 tax.
Option B — distribute to your adult student child (income under $14,000): $14,000 × 10.5% + $46,000 × 17.5% = $1,470 + $8,050 = $9,520 tax. Saving: $13,880.
Option C — distribute to your retired parent (NZ Super only, total income under $48,000): Distribution taxed at 17.5% blended rate ≈ $10,500 tax. Saving: $12,900.
The trust still delivers significant tax savings — but only if you have the right beneficiaries and you distribute before 31 March every year.
This cannot be overstated: the distribution resolution must be signed before 31 March. A resolution dated 1 April — even one day late — means the income is treated as trustee income for that tax year and taxed at 39%. There are no exceptions.
In practice, this means:
Many trust clients assume their accountant will "sort it out" at year-end. But without a signed trustee resolution before 31 March, the income cannot be distributed retrospectively. By the time accounts are prepared in May or June, it is too late — and the 39% rate applies. The conversation needs to happen in February, not June.
This is the question many trustees have never properly answered. The true annual cost of a trust includes:
| Cost item | Typical amount (NZD, excl. GST) | Notes |
|---|---|---|
| Annual financial statements | Included in IR6 fee | Mandatory under Trusts Act 2019 |
| Annual trust tax return (IR6) | From $1,800 | Includes accounts + IR6 filing |
| Annual trustee distribution resolution | From $200 | Must be signed before 31 March |
| Beneficiary IR3 returns | From $300 each | Each beneficiary who receives a distribution |
| Solicitor fees (trust deed review) | $500 – $2,000 one-off | Recommended every 5–7 years or after major law changes |
| Total annual accounting cost | From $2,200/year | Trust IR6 + resolution + one beneficiary IR3 |
For a trust to be worth retaining purely for tax purposes, the annual tax saving from income splitting must exceed the annual compliance cost. If your trust is saving $5,000–$15,000 per year in tax through income splitting, the $2,200+ annual cost is easily justified. If the trust holds passive assets with no income splitting opportunity, the numbers may not stack up.
Winding up a trust is not a simple decision — and it has tax consequences. Assets distributed out of a trust may trigger:
Before winding up a trust, always assess the tax cost of transferring each asset out. In some cases, the cost of winding up exceeds the ongoing compliance cost — and the trust should be retained, even if dormant.
Every year, FinLink initiates a distribution planning conversation with all trust clients in January or February — before the 31 March deadline. As part of annual compliance, we also assess whether the trust's structure is still serving its purpose. If a formal structure review is warranted, we prepare a written recommendation and refer to a solicitor for any legal changes required.
This article provides general tax information only. Whether your trust is still appropriate depends on your specific family situation, the assets held, and the beneficiaries available. Please consult a qualified tax adviser — like FinLink Advisory — and a solicitor before making any decisions about your trust structure.
自2024年4月起，保留在全权信托内的收入按39%征税——与最高个人税率持平。规则发生了重大变化。你的信托是否仍然值得保留，完全取决于它的使用方式。
2024年4月1日之前，受托人收入——保留在家庭信托内而非分配给受益人的收入——按33%征税。这使信托对高收入者颇具吸引力，因为将收入保留在信托内并缴纳33%的税款，比按最高个人税率39%缴税更为划算。
自2024年4月1日起，这一优势消失了。受托人税率提升至39%——与最高个人税率持平。保留在信托内的收入现在按与最高个人税级相同的税率征税。对于许多信托而言，这从根本上改变了税务计算。
这一变化并非突如其来——这是一个刻意的政策决定，旨在消除最高个人税率（2021年引入的39%）与受托人税率（长期维持在33%）之间的差距。IRD此前已多次发出信号，表明这一变化即将到来。
除税率变化外，2019年《信托法》（2021年1月生效）为受托人引入了新的强制性义务：必须每年编制财务报表，必须通知受益人其身份并允许其索取信托相关信息，受托人必须积极履行职责。这些义务适用于所有规模的信托。经营信托的合规成本已经增加——忽视这些义务将带来法律风险。
39%的受托人税率仅适用于保留在信托内的收入——留在信托中而未分配给受益人的部分。如果在3月31日前将收入分配给受益人，则按受益人自身的个人税率征税——可能远低于39%。
这正是家庭信托依然可能具有价值的核心：收入分拆。如果你有个人收入较低的受益人——成年在读学生子女、非工作配偶、退休父母——将信托收入分配给他们，仍然可以带来比缴纳39%受托人税率或按你自己最高边际税率纳税低得多的总体税负。
你的信托今年产生了$60,000的租金收入。你的个人税率为33%。
方案A——保留在信托内：$60,000 × 39% = $23,400税款。
方案B——分配给成年在读学生子女（收入低于$14,000）：$14,000 × 10.5% + $46,000 × 17.5% = $1,470 + $8,050 = $9,520税款。节税：$13,880。
方案C——分配给仅领取新西兰养老金的退休父母（总收入低于$48,000）：按17.5%综合税率约$10,500税款。节税：$12,900。
信托依然能带来显著的节税效果——但前提是你有合适的受益人，并且每年在3月31日前完成分配。
这一点无论怎么强调都不为过：分配决议必须在3月31日前签署。哪怕晚一天——4月1日的决议——意味着该税务年度的收入被视为受托人收入，按39%征税。没有任何例外。
在实践中，这意味着：
许多信托客户认为会计师会在年末"处理好一切"。但没有在3月31日前签署的受托人决议，收入就无法追溯分配。等到5月或6月账目准备好时，已经太晚了——39%的税率将适用。这个对话需要在2月进行，而不是6月。
这是许多受托人从未认真回答过的问题。信托真实的年度成本包括：
| 成本项目 | 典型金额（新西兰元，不含GST） | 说明 |
|---|---|---|
| 年度财务报表 | 含在IR6费用内 | 2019年《信托法》强制要求 |
| 年度信托税务申报（IR6） | From $1,800 | 含账目+IR6申报 |
| 年度受托人分配决议 | From $200 | 必须在3月31日前签署 |
| 受益人IR3申报 | 每人From $300 | 每位收到分配的受益人 |
| 律师费用（信托契约审查） | $500–$2,000一次性 | 建议每5至7年或重大法律变化后进行 |
| 年度会计成本合计 | From $2,200/年 | 信托IR6+决议+一位受益人IR3 |
如果纯粹从税务角度评估信托是否值得保留，通过收入分拆每年节省的税款必须超过年度合规成本。如果你的信托每年通过收入分拆节税$5,000至$15,000，$2,200以上的年度成本完全合理。但如果信托持有被动资产且没有收入分拆机会，这笔账可能就不划算了。
注销信托并非简单的决定——它有税务后果。从信托中分配资产可能触发：
在注销信托之前，务必先评估每项资产转出的税务成本。在某些情况下，注销成本超过持续的合规成本——此时应继续保留信托，即使它处于休眠状态。
每年1月或2月，FinLink会主动与所有信托客户开始分配规划对话——在3月31日截止期限之前。作为年度合规工作的一部分，我们也会评估信托架构是否仍在发挥其应有作用。如有必要进行正式架构审查，我们会准备书面建议，并在需要进行法律变更时转介律师。
本文仅提供一般性税务信息。你的信托是否仍然适合，取决于你的具体家庭情况、持有的资产以及可用的受益人。在就信托架构做出任何决定之前，请咨询具备资质的税务顾问——例如FinLink Advisory——以及律师。