Section HC 24 — Income Tax Act 2007: Trustees’ obligations

HC 24 Trustees’ obligations Liability as individual for trustee income (1) A trustee must satisfy the income tax liability for their taxable income as if they were an individual beneficially entitled to the trustee income. No tax credits (2) In determining the income tax liability, the trustee is not entitled to have a tax credit under subparts LC and LD (which relate to tax credits for natural persons and for certain gifts). Beneficiary income of minors (3) Section HC 35 applies to treat beneficiary income derived by a minor as if it were trustee income. Calculating trustees’ deductions (4) Section DV 9(2) (Trusts) applies for the purposes of calculating a trustee’s deductions. Superannuation funds (5) Sections CX 40 , and DV 1 to DV 4 (which relate to superannuation funds) override this section. Defined in this Act: beneficiary income , cash basis person , deduction , income tax liability , minor , tax credit , taxable income , trustee , trustee income , Compare: 2004 No 35 ss DV 9(2) , HH 4(1), (2) Section HC 24(2) heading: replaced (with effect on 1 April 2009), on 2 November 2012 (applying for the 2009–10 and later income years), by section 83(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88). Section HC 24(2): replaced (with effect on 1 April 2009), on 2 November 2012 (applying for the 2009–10 and later income years), by section 83(1) of the Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 (2012 No 88).