Accountants want low-income trusts to be exempt from tax rate hike
Inland Revenue believes under-taxation is a bigger problem than over-taxation. Photo / 123rf Accountants fear lifting the tax rate on trustee income to 39 per cent could see scores of people over-taxed. They suggest trustees that don’t earn much income should be taxed at the current rate of 33 per cent. Legislation is going through Parliament to lift the trustee tax rate to 39 per cent from April to…