Charitable trusts are set up to hold money or assets and carry out activities for the benefit of the community. They can be formed for the purpose of:
- Promoting education
- Poverty relief
- Promoting religion
- Miscellaneous benefit to the community
A charitable trust, as registered by the Registrar of Incorporated Societies, gains tax benefits when approved by the IRD. These tax breaks include the absence of duty on gifts to the trust and the absence of tax on income earned by the trust.
At Smith & Jones we understand the practicalities of charitable trusts. Our experience in this area enables us to assist you with setting up a trust and using the trust in the most effective way to reach your charitable goals.