Trust tax rate 39% 2025 and 33% in comparatives in annual accounts tax note
The NZ tax rate for a trust's income tax has changed in the 2025 tax year from 33% to 39% when the taxable income in the trust is $10,000 or more.
At present we are not able to have a different formula in comparatives to the formula in current year, so a modification to the If( . . ) statement in the current annual accounts tax note cannot be made that would work for 2025 and comparatives.
At the moment the only solution available per Xero Support is a custom line, with accounting staff manually entering the tax payable amount calculated externally at 33% or 39%.
It would be great if the software engineers at Xero could implement a fix for this so that an if / then formula could be used that takes into account the tax year.
Thanks
Paul
Paul Siddles
shared this idea
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Lynette Mortleman
commented
Can't understand why it hasn't been sorted out already.
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Penny Gough
commented
would have expected this to have already been included to keep up with the changing legislation.
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Ruth Simmonds
commented
This is an extremely important part of preparing financial reports for our clients.
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Gerard Dodd
commented
That's a great idea! Therefore it will never happen.