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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
In New Zealand Beddoe applications are governed in the first instance by the High Court Rules, which do not extend to prospective costs orders by beneficiaries. Representation of VG Trustee Limited re the B Trust (Re the B Trust) considers whether beneficiaries should have their costs met on account of a successful Beddoe application brought … Continue reading
The Supreme Court has denied leave to appeal the Court of Appeal decision in McLaughlin v McLaughlin, which relates to a long-standing challenge regarding the trusteeship of a family trust and allegations of breaches of trust brought by brothers of one of the trustees. The original causes of action were: John McLaughlin retired before the conclusion … Continue reading
Worksafe New Zealand MHI Haumaru Aotearoa v RH & Jury Trust & Ors (Worksafe v Jury) relates to a tragic and fatal accident where a young child visiting his grandfather at work on a dairy farm died after his jacket was caught in an exposed rotating shaft. As noted at [4]: Fundamentally, Worksafe v Jury … Continue reading
Inland Revenue has issued a General Article (GA 24/01) providing guidance regarding how Inland Revenue might perceive certain transactions and structure changes. In GA 24/01 Inland Revenue provides high level guidance regarding specific transactions and structural changes that are unlikely to be considered tax avoidance (without artificial or contrived features) such as distributions of income … Continue reading
Interpretation Statement IS 24/01, which updates and replaces IS 18/01 explains the taxation of trust under the trust rules in the New Zealand Income Tax Act 2007. The statement provides guidance on matters including: how trustee income is taxed, and settlor, trustee and beneficiary tax compliance obligations. IS 24/01 does not address the change to … Continue reading
Re Borthwick relates to an application by trustees to enter into a settlement agreement and to make the necessary variations of trust to effect the agreement. The background of the matter features a trust restructure that was challenged by a disaffected beneficiary. The application before the court calls upon the court’s supervisory capacity pursuant to section 124 … Continue reading
Smale v Lowe & Ors relates to an application for summary judgment for the repayment of loans between family trusts. As set out at [1] to [2]: A number of matters were put to the court by Mr Lowe who was not open to repayment of the debt owing to the Anzac Trustees. Are the deeds … Continue reading
Phillips v Heremaia relates to two sisters engaged in litigation with respect to their father’s estate. Although the matter settled at a judicial settlement conference not agreement was reached with respect to costs, which are the subject of this judgment. The following at [3] and [4] sets the tone for the decision: Rule 15.23 of the … Continue reading
