Budget Trust tax changes Deloitte Tax Partner Robyn Walker

There's concern increasing the trust tax rate will sting everyday New Zealanders. The rate will jump from 33 to 39 percent to align with the top personal tax rate from April - to clamp down on people dodging taxes through trusts. But Deloitte tax partner Robyn Walker says there's around 400-thousand trusts in New Zealand. She says there may be many New Zealanders with a marginal tax rate well below 39 percent, with assets held in trusts, now facing a higher rate. Revenue Minister David Parker says the top five percent of trusts with some taxable income in 2021 accounted for 78 percent of all trustee income. Robyn Walker joined Simon Barnett and James Daniels on the show. LISTEN ABOVESee omnystudio.com/listener for privacy information.