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IRRUIP15: Income tax – trusts and the Australian–New Zealand Double Tax Agreement

The focus of this issues paper is the access to the Aus/NZ Double Tax Agreement for trusts.  It examines if a trust can access the benefits under the DTA and how residency is determined for a trust. It then explores the DTA’s accommodation of trusts as fiscally transparent entities to understand exactly what that means in the Trans-Tasman context for both trustees and beneficiaries. Finally there is an analysis of the credit allowance provisions that provide relief for tax paid in the other jurisdiction.

Submissions are invited on the tentative conclusions reached in the issues paper which explores areas where there has been little public guidance to date.

Deadline for comment: 1 March 2021