Date posted: 16/07/2021 2 min read

Submission on excusing estates from filing income tax returns

CA ANZ recently provided feedback to Inland Revenue on draft operational statement ED0231 – Excusing estates from filing income tax returns.

Chartered Accountants ANZ recently had the opportunity to comment on this draft item which outlines the Commissioner’s proposed approach to applying the income tax return filing exemption in section 43B of the Tax Administration Act 1994 to estates (non active trust rules).

CA ANZ supports the Commissioner’s change in view and agree with the conclusion in the drat item that there can be occasions when the non-active trust rules can apply to an estate. For this to occur the estate property must be held on trust.