Section HC 2 — Income Tax Act 2007: Obligations of joint trustees for calculating income and providing returns

HC 2 Obligations of joint trustees for calculating income and providing returns What this section applies to (1) This section applies for the purposes of the obligations imposed by section BB 2 (Main obligations) on 2 or more persons who derive income jointly as trustees of a trust. Single person (2) The trustees of the trust are treated in that capacity as if they were a notional single person, and are jointly and severally liable to satisfy the income tax liability of the notional single person. They must— (a) calculate the trust’s taxable income for a tax year; and (b) for that tax year, provide a joint return of income for the trust under section 42(1)(a) of the Tax Administration Act 1994. Defined in this Act: income , income tax liability , return of income , tax year , taxable income , trustee , Compare: 2004 No 35 s HD 1(1)(a)