Category Archives: Legal

New Trustee disclosure obligations

In 2013 the law commission was asked to review the Trustees Act 1956 and NZ Trust law generally. Following this initial review, nearly eight years later, the long-awaited “Trusts Act 2019” will finally come into effect on 31 January 2021, replacing the entire 1956 Act. One of the most significant changes in the new Act…
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Is a Trust beneficiary also a settlor?

Family Trusts are used widely in New Zealand; often being viewed as beneficial for asset protection and to keep assets in the family for future generations. A reason for their popularity has been the relative simplicity of the legal and tax regime. However, the rules are evolving. In addition to the widely publicised re-write of…
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Saving time and cost with tax

Various tax concessions exist that can save significant time and money, but they are often overlooked. You may want to save this article as a handy reminder to take advantage of these options whenever possible. Business-related legal fees are tax deductible irrespective of whether they are capital in nature, provided the total amount for the…
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GST on land – Holdaway v Ellwood

It is common for disagreements to arise between taxpayers and Inland Revenue on the GST treatment of land transactions, but less common for these disputes to arise between a vendor and purchaser. However, this was the case in a recent High Court case, Holdaway v Ellwood (2019). The case highlights the importance of completing the…
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