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The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill has had its third reading and now awaits assent. One aspect of the increased trustee tax rate will be the application to testamentary trusts that cannot be fully distributed in the permitted time-frame. While many estates are administered efficiently and without tax implications. … Continue reading
The background facts of NZ Trust Corporation Ltd v Bonnard Lawson Geneve SA & Ors are set out by Associate Judge Gardiner at [1] to [4] as follows: The issues for the Court to determined can be summarised as whether: the claim has a “real and substantial connection” with New Zealand there is a serious … Continue reading
The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill (the Bill) has been amended by the inclusion of: an amended section HC B allowing three years from the year of the date of death before the 39% rate will apply to deceased estates an amended HC 39 to provide that trusts settled … Continue reading
