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Tax talk!

Can distributions from a family trust to family members be avoidance?

No. The Commissioner, in "Questions we've been asked", confirmed distributing income in a family trust to family members on low tax rates was not avoidance. Don't overlook the opportunity offered by an LP or LTC . However, do not try and get too smart or it might be tax avoidance. E.G. Do not allocate all to one beneficiary who has the lowest tax rate and then get that beneficiary to gift to the other beneficiaries with higher tax rates.

BNZ Cash back

BNZ ceased to offer air points from 1 April this year. Instead, the bank is now offering to pay rewards as cash onto the credit card or qualifying loans monthly. Is this taxable income?

For a business, it is pretty clear cut that it is. A person using their card privately is probably merely getting a discount on purchases and is therefore probably not taxable. What about mixed use? The answer would seem to be to apportion the cash back.


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