by Munro Benge | Nov 26, 2020 | Newsletters, Property, Trusts
The Trusts Act 2019 was almost 20 years in the making and reflects a changing social paradigm regarding privacy and secrecy. However, when viewed objectively, the new language and the drafting reflect the premise behind the Trusts Act, which is to make trust law more...
by Munro Benge | Oct 23, 2020 | Newsletters, Trusts
We now have a new piece of legislation that deals with Trusts – the Trusts Act 2019. The new Act doesn’t make sweeping changes to the law applicable to Trust in New Zealand, instead it largely restates the existing law in a way that is more accessible to...
by Munro Benge | Oct 15, 2019 | Technical Updates, Trusts
The Taxation Review Authority (TRA) has held that there was a tax avoidance arrangement involving a trust. The interest deductions claimed by each taxpayer were void against the Commissioner under s BG 1 of the Income Tax Act 2004. The background This case related to...
by Munro Benge | Jul 27, 2019 | Technical Updates, Trusts
The Trusts Bill (290-3) that was introduced on 1st August 2017, has passed its third reading in Parliament. The Bill now awaits the Royal assent. The Trusts Bill will replace the Trustee Act 1956 and the Perpetuities Act 1964 to make trust law more accessible, clarify...
by Munro Benge | Dec 6, 2018 | GST, Property, Technical Updates, Trusts
On 5 December 2018, the Government introduced the Taxation (Annual Rates for 2019–20, GST Offshore Supplier Registration, and Remedial Matters) Bill (114-1) into Parliament. The Bill is expected to have its first reading on 12 December 2018. The Bill introduces...
by Munro Benge | Nov 22, 2018 | Property, Technical Updates, Trusts
The Court of Appeal has held that a ship’s captain had a permanent place of abode in New Zealand in the 2005 to 2009 tax years and was therefore liable to pay tax in New Zealand on his worldwide income. The Court of Appeal also upheld the Commissioner’s imposition of...
