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The Government has announced that it will introduce legislation to Parliament to provide that assisting low-income families into home ownership will be exempt from income tax. The law change is necessary after the Charities Commission (the functions of which have been taken over by the Department of Internal Affairs – Charities) decided that assisting people into home … Continue reading
The decision in the Southland and Scottish Hall Community Trust case raises the important consideration of knowing what it is you are dealing with. In this case a declaration was sought as to whether the trust was a trust under the Trustee Act 1956, or a charitable trust under the Charitable Trusts Act 1957. The trust … Continue reading
About half of all New Zealand registered charities are trusts. Some settled on carefully considered terms, some not so much. The problem when a Charitable Trust needs amendment as it cannot fulfil its original purposes (no matter how arcane) is that unlike discretionary family trusts, charitable trusts cannot necessarily be varied by the trustees at … Continue reading
A number of large international businesses are getting some heat at the moment on account of the ostensibly minimal amounts of tax being paid, a problem referred to as the BEPS (base erosion and profit shifting). The issue relates to how existing tax rules in different tax jurisdictions allow taxable profits to be allocated to locations beyond where the … Continue reading
The law of what is and, what is not, charitable can be a complex matter where the devil is very much in the detail. It can be important to be able to evidence that the charity says what it does and does what it says. When considering applications for registration as a charity the Charities … 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
Matters of Trust 