Trust financial disclosures

Modified on Wed, 01 May 2024 at 02:55 PM

From the 2022 tax year onward, trusts that are required to comply with trust reporting requirements need to provide further detail relating to the trust’s financial performance and position. These are specific disclosure points from the financial statements.

Complete financial disclosures

  1. Go to Workpapers > Financial Disclosures
  2. Complete the details of the financial disclosures

Please refer to Inland Revenue’s Operational Statement on Reporting Requirements for Domestic Trusts for Inland Revenue’s guidance to the information required to be disclosed.

Exemption from complying with trust reporting requirements

  • If the trust is exempt from complying with the trust reporting requirements, select Yes.
  • If you enter any values into the disclosure form and then update the exemption question to Yes, the values will remain in the form but will not be included in the tax return.

Income statement

  • Net profit (loss) before tax – Declare the net profit or loss per the financial statements. 
  • Tax adjustments – Declare the sum of the tax adjustments for the year. This can be a positive or negative value. 
  • Untaxed realised gains and receipts – Declare the value of untaxed realised gains and receipts during the year. This will be a positive value.

Balance sheet

  • Assets – Declare all assets held by the trust in the appropriate categories. These should sum to the total assets of the trust. Include a valuation method for specific asset categories when required. 
  • Liabilities – Declare liabilities in the required categories. These should sum to the total liabilities of the trust.
  • Equity – Declare the balances of the required categories. Drawings and Total current accounts closing balance are specific disclosure points that are a sub-set of Owners equity. 

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