Overseas beneficiaries and trustees – triggers for foreign tax surprises

If you have family living overseas, have you considered the foreign tax implications?  Read on, because chances are that either you or someone you know is impacted.

Historically, information was largely unavailable between tax authorities, but this is no longer the case. The new trust disclosure obligations are an example of ways that Inland Revenue can obtain further information about taxpayers, whether they live in New Zealand or overseas. Have you thought about how Inland Revenue will use that information and how it will affect your family?