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Sometimes it can be convenient to lose sight of the obligations of a trustee due to the manner in which the trustee relationship is referred to or recorded. See Kirkpatrick v Burns[1] where the Court, having reviewed the obligations of bare trustees, said at [62] “Although consideration of whether the trustees are “bare trustees” may … Continue reading
Re Estate of Witchall relates to four blocks of land held by a company removed from the Register of Companies pursuant to the Companies Act 1955. As noted at [3] to [5]: The company in question could not be reinstated to the Register of Companies as there the Companies Act 1993 does not provide for … Continue reading
Cain v Martin relates to wide ranging proceedings regarding the proper administration of the Tolemac Trust following several years of disharmony following the settlor’s death. The most recent proceedings relate to the removal of one of the two trustees due to concerns regarding proper disclosure regarding trust assets and an unauthorised distribution to a trustee … Continue reading
Inland revenue has released a Special Report regarding the increased tax rate. The report outlines the new rules for trusts including: References:
With limited exceptions the trustee tax rate has increased to 39% effective 1 April 2024. Note that for deceased estates: For disabled beneficiary trusts: For more information see Trust and estate changes. References: Tax Bill receives assent (ird.govt.nz)
Matters of Trust 