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Protectors, although perhaps not a common feature in discretionary trusts, pepper the trust landscape. What is a protector? There is no agreed definition of protector. As a general principle a protector is a person who, although not usually a trustee, has been granted certain powers relating to the trust. These powers range from powers to veto trustee decisions, to powers to … Continue reading
In April of this year the Ministry of Economic Development released a discussion paper titled “Auditing and Assurance for Larger Registered Charities”. The purpose of the paper is to seek submissions regarding the need for audit and assurance of the larger registered charities’ financial statements. For anyone interested in the subject the closing date for … Continue reading
The Charities Commission, which decides, amongst other things, whether or not to accept any application for registration as a charity (or to remove a charity from the register of charities) has been disbanded and its functions transferred to the Department of Internal Affairs. Roger Miller, Caren Rangi and Kirikaiahi Albert have been appointed as inaugaral members of … Continue reading
Inland Revenue has released Interpretation Statement 12/02: Income tax – Whether income deemed to arise under tax law, but not trust law, can give rise to beneficiary income. Interpretation Statement 12/02 (IS12/02) confirms the Commissioner’s view (outlined last year in IS1110: see Tax law review of whether deemed income is beneficiary income) that in some circumstances, … Continue reading
The appointment as trustee involves significant responsibility and, in some circumstances, it is inthe best interests of the beneficiaries for a trustee or trustees to be removed. Most commonly a trustee will retire or can be removed pursuant to a power of removal where animosity or other concerns may cloud judgment. However, in some circumstances, … Continue reading
Matters of Trust 