Finance Minister Nicola Willis supports exempting low-income earning trusts from an upcoming 6% tax increase.

Finance Minister Nicola Willis welcomes tax changes to exempt low-income earning trusts from an upcoming tax hike. The proposed changes will ensure trusts earning less than $10,000 annually continue to be taxed at 33%, while those earning more will be taxed at the new trustee rate of 39% on all their income. The Labour government had previously decided to increase the trustee tax rate from 33% to 39% starting in the 2024-25 tax year, to align with the top income tax rate of 39% for income over $180,000.

March 11, 2024
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