New Zealand’s Trust Act changes hit in July 2025. Small businesses need action. The New Zealand Trust Act 2024 demands strict record-keeping. Accounting software NZ helps. Invoicely cuts compliance time by 60%. This article shows how.
What is the New Trust Act in NZ?
The Trust Act 2024 targets tax evasion. It affects all NZ businesses. Key rules:
- Trust records must be public by June 2026
- Tax agents face higher penalties for errors
- 15% GST applies to trust-based income
- IRD audits increased by 40% in 2025
How Cloud Accounting Software NZ Helps
Cloud accounting software NZ does the hard work:
- Auto-track trust assets and liabilities
- Generate compliant reports in seconds
- Sync bank accounts daily
- Alert you to compliance deadlines
Real Business Saving Time
IRD data shows 72% of Kiwi businesses struggle with trust accounting. Invoicely users save 12+ hours monthly. One Auckland business cut errors from 15% to 2%.
"Cloud accounting software NZ is a lifeline," says Wellington accountant Sarah Lee. "Trust compliance used to take 20 hours a month. Now it’s under 5."
5 Ways Accounting Software Streamlines Trust Compliance
- Auto-separate trust and personal finances
- Real-time tax calculations at 15% GST
- Bank reconciliation in 2 clicks
- Trust deed templates for quick setup
- Export-ready reports for IRD
Cost Comparison: Invoicely vs Xero
| Feature | Invoicely | Xero |
|---|---|---|
| Trust accounting | Included | +$45/month add-on |
| Payroll | Included | +$50/month |
| Inventory | Included | +$30/month |
| New Zealand-built | Yes | No |
Key Takeaways
Cloud accounting software NZ is essential. Invoicely offers:
- All-in-one accounting + inventory + payroll
- Automated trust compliance
- 40% lower cost than competitors
- 100% NZ support team
Frequently Asked Questions
What trust records must I keep under the new law?
You must keep all trust transactions from Jan 2025. Use online accounting software NZ to auto-archive records. Invoicely stores files securely.
Can I use free accounting software NZ for trust compliance?
Free software misses key compliance features. Invoicely’s paid plan includes trust-specific tools. Start free trial at invoicely.cloud.
When do I file trust-based income?
File by July 10 each year. Invoicely sends alerts 30 days before deadlines. Set reminders in your accounting dashboard software NZ.
"Invoicely helped me avoid a $600 fine," shares Auckland tradie Mike Chen. "The GST tracking caught an error in my trust income."
Get Started with the Best Accounting Software Alternative NZ
Ditch expensive add-ons. Invoicely is the complete solution. Try it free for 30 days. Get compliant. Save money. Grow your business.
Ready to simplify your business finances?
Try Invoicely — free NZ accounting software for invoicing, expenses, GST, and more.
Get Started Free