Trust financial disclosures

Overview

From the 2022 tax year onward, trusts that are required to comply with trust reporting requirements must provide additional information about the trust’s financial performance and position. These disclosures are drawn from specific points in the financial statements.

For more detail on the information required, refer to Inland Revenue’s Operational Statement on Reporting Requirements for Domestic Trusts.

Complete financial disclosures

1. From the entity's tax year summary, in the navigation bar select Workpapers > Financial Disclosures
2. Enter the required details for the financial disclosures.

Exemption from complying with trust reporting requirements

If the trust is exempt from the trust reporting requirements:

• In the financial disclosure screen, select Yes to confirm exemption.
• If you have already entered values in the form, they will remain visible but will not be included in the tax return once the exemption is set to Yes.

Income statement disclosures

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

Balance sheet disclosures

• 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.