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.
To whom it may concern: The Corporate Trustee team at Gilligan Rowe and Associates have been our Professional Trustee for our family trust and trading trust since May 2005. From the initial advice during the designing and creation of our trust structures through to the day to day operation of the entities, the support and guidance we have had from the Corporate Trustee team has been second to none. As a business owner and operator, I need to have reliable, efficient, proactive and knowledgeable people as part of our business team and Gilligan Rowe and Associates Trustee services tick the boxes in all of these criteria. I have no hesitation in commending and recommending Gilligan Rowe and Associates Trustee Services team to anyone who requires professional and competent guidance in the safe operation of their trust and in turn secure protection of their assets. - RNT
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