Tax experts say the new rules will provide almost no useful information to the tax department, yet could create a large additional compliance requirement. Photo Mark MitchellThe Government appears to see that the requirements it set are too onerous and will require a legislative fix. But IRD said in a statement that it expects trusts to gather information to comply with the current rules. Within days it passed into law, without any input from the public or tax experts. She had told IRD officials the rules should not apply until the March 2023 tax year because "no one knows what it is you want".

Source: Stuff December 28, 2021 20:29 UTC