The Department of Internal Affairs

Te Tari Taiwhenua | Department of Internal Affairs

Building a safe, prosperous and respected nation



 

Extension on interim solution for corporate trustee annual report obligations

17 May 2021

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The Ministry of Justice continues to examine the issues regarding corporate trustees. While this is in progress, the Department of Internal Affairs (the Department) wants to provide reporting entities with the same certainty as the previous two years around their annual reporting obligations. Therefore, the Department is extending the interim solution for corporate trustee annual report obligations for 2021.

You can read the interim solution for corporate trustee annual report obligations below.

Interim solution for corporate trustee annual report obligations for 2021

A corporate trustee, whose AML/CFT obligations are being fulfilled by a parent law firm, accounting practice or a trust and company service provider (TCSP) that is a reporting entity in New Zealand is not required to submit an annual report by 31 August 2021.

This waiver of the annual report obligation:

  • Applies only to corporate trustees that are subsidiaries of a law firm, accounting practice or TCSP that is a reporting entity under the AML/CFT Act in New Zealand.
  • Is conditional that the parent law firm, accounting practice or TCSP’s own annual report includes information relating to all relevant activities of the subsidiary corporate trustee.
  • Is temporary while the Ministry of Justice considers the corporate trustee class exemption application.
  • Applies to Annual Report obligations for the period 1 July 2020 to 30 June 2021 only.

In addition to wholly owned subsidiaries, the Department allows for the interim solution relating to 2021 annual reports to be applied to corporate trustees wholly owned by one of the following:

  1. an accountant in public practice, and practising in partnership, that is a partner.
  2. a solicitor in public practice, and practising in partnership, that is a partner.
  3. a solicitor in sole practice.
  4. an accountant in sole practice.

Please contact us If you are unsure if this applies to you, or you have any questions about these temporary measures.