We wrote to existing clients of our law firm in Whangarei to tell them about the new Trusts Act, which has rules that will apply to their trusts. We have reproduced much of that information below for ease of reference. If you have not already done so, we recommend your trust documents are now reviewed [...]
When you are in business you want to expose your personal property to as little risk as possible. This is one of the reasons for setting up a separate legal entity for your business, such as an incorporated company, and for keeping your personal affairs and finances completely separate from your business. Shareholder liability When [...]
The duties of trustees of a charitable trust are contained in the trust deed, Trustees Act 1956, Charitable Trusts Act 1957 and Charities Act 2005. The duties continue until the trustee resigns, although in certain circumstances they can continue after resignation. The primary duties of a trustee are to: comply with the terms of the [...]
The Trustees of the board of an incorporated charitable trust are generally not personally liable to the creditors of the trust. Charitable trusts can be incorporated under the Charitable Trusts Act 1956. An incorporated charitable trust is a separate legal entity and is liable for the obligations of the trust. Unless the trustees expressly undertake [...]
The Government is considering repealing gift duty. Gift duty is a tax that you must pay when you give away more than $27,000 worth of property in one year. This may be by cash, forgiving a debt, transferring a house or other property to your trust. The original purpose of gift duty was stop people [...]
Legislation has been passed amending the definition of “associated persons” in the Income Tax Act 2007. Trustees are now associated with a trust if they hold the power to appoint or remove trustees. One of the consequences is that a trustee who is a dealer, developer or builder will “taint” the trust with that status [...]
