As you are probably already aware, trusts now have more reporting requirements with the IRD. However, in some circumstances, trusts, especially family trusts, may have been made non-active with the IRD, which means there is no income to report (and no tax to pay).
Although a trust may not generate any income, and therefore may not be required to file an income tax return, it is still important to prepare financial statements for several reasons.
While not compulsory if a trust does not earn income, or has passive income below the $1,000 threshold, for the reasons outlined above, we consider it best practice for all trusts to prepare financial statements.
Please contact GRA if you would like to know more about completing financial statements for your trust, and we will be happy to provide you with a quote.
Salesh - Was really good to see you yesterday and to see you getting up in front of the crowd talking about your huge successes – and….. I didn’t realise you were so young! You are and always have been such an inspiration to us and think it is great that you got up in front of a group of eager property investors to share about your property journey and to inspire us! You should do it more often. You are so knowledgeable about property investing and so experienced – you should share your success story! - Lisa Swanepoel - December 2017
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
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