Management of NZ foreign trusts in myIR

Richard AshbyPartner, Gilligan Sheppard

From March 1st 2021, myIR will include a New Zealand foreign trust account. For those of you who look after foreign trusts for your clients, you will be able to:

  • Manage account details online, including details of connected persons
     
  • View previously provided NZFT information.
     
  • File annual returns and make payments in myIR.
     
  • Send messages to IR about an NZFT in myIR.
     
  • Receive automatic reminders 20 days before the NZFT return is due.
     
  • Register an IRD number then a “New Zealand foreign trust account” in myIR.
     
  • Cease an NZFT registration.

You may have noted recently that your foreign trusts have been issued with New Zealand IRD numbers, and as a consequence they will no longer require a NZFT number.

Additional details on the new myIR feature can be obtained from IR’s website.