Section HC 32 — Income Tax Act 2007: Liability of trustee as agent

HC 32 Liability of trustee as agent When this section applies (1) This section applies in an income year when a beneficiary of a trust derives an amount of beneficiary income or a taxable distribution. Exclusion (2) Subsection (1) does not apply to a person who derives an amount from a community trust. Agency (3) In their capacity as agent, the trustee must satisfy the income tax liability of the beneficiary for their beneficiary income and taxable distributions derived. Relationship to other provisions (4) Section HD 4(b) (Treatment of principals) overrides this section. Defined in this Act: agent , amount , beneficiary income , community trust , income tax liability , income year , taxable distribution , trustee , Compare: 2004 No 35 ss HH 3(2) , HK 3(1A) Section HC 32(2): amended (with effect on 1 April 2008), on 6 October 2009, by section 265(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).