MPs warned about overtaxing trusts
New data from Inland Revenue shows 89% of all trusts would be overtaxed at the proposed shift to 39%.
MPs heard many submissions on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill.
MPs are being warned incoming legislation to raise the trust tax rate to 39% will result in most being overtaxed.
Data from Inland Revenue, released by Chartered Accountants Australia and New Zealand (CA ANZ), showed moving from a 33% to 39% tax rate would result in 89% of all trusts being
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