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<p>Trusts with assessable income have increased disclosure requirements for the 2021–22 and later income years. This includes the requirement to prepare a statement of profit or loss and a statement of financial position.</p>
<p>The Tax Administration (Financial Statements—Domestic Trusts) Order 2022 was made on 7 March 2022. This Order sets minimum standards for financial statements prepared by trusts subject to these new disclosure rules.</p>
<p>For more information on the Order in Council, see the <a href="/publications/2022/2022-sr-domestic-trusts-reporting-standards">special report</a>.</p>
<p>The Order in Council can be found at <a href="https://legislation.govt.nz/regulation/public/2022/0056/latest/whole.html">legislation.govt.nz</a>.</p>
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