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Trusts Bill obtains Royal Assent

Further to last week’s post regarding the Trusts Bill having its third reading before the New Zealand Parliament (see A whole new world … in 18 months), the Bill received Royal Assent on 30 July 2019 and is therefore now the Trusts Act 2019. Aside from certain provisions relating to trusts affecting financial services legislation, the … Continue reading

The incredible lightness of tax of being a charity

Blind Foundation bulldozes $8m Parnell house, creates carpark is an emotive headline from the New Zealand Herald published on 27 July 2019  that highlights the disconnect between registration as a charity and the tax benefits that flow from this, and highlights the reality that registration as a charity does not obligate a charity to distribute its … Continue reading

A whole new world … in 18 months

The Trusts Act 2019, which has been 17 odd years in the making is now law.  The Trusts Bill passed its third reading and received Royal Assent on 30 July 2019, meaning most provisions of the Act come into force on 30 January 2021. The Trusts Act replaces the Trustee Act 1956 and the Perpetuities … Continue reading

Law Commission recommends new Relationship Property Act

The New Zealand Law Commission has released its Report “Review of the Property (Relationships) Act 1976. The Report recommends wide ranging changes to the thrust of property contributions and division in the context of relationships, modernising aspects where changes in society have clearly left behind attitudes framed in the existing legislation and promoting more flexible … Continue reading

Reconstructive memories

Families are complicated.  Family agreements and arrangements all the more so.  Almond v Read highlights the consequences of family arrangements that are not recorded in writing.  The background facts are not disputed.  Ms Almond purchased land in Drury.  Two dwellings were built on the Drury property (the Property), one was occupied by Ms Almond and … Continue reading

First up, best dressed

Representation of the Rawlinson & Hunter Trusts SA re Z Trusts relates to appeals against three judgments of the Jersey Royal Court regarding the equitable rights of a former trustee and whether those rights take priority over the rights of other claimants to the assets of a trust whose liabilities exceed its assets, in other words, … Continue reading

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