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New reporting obligations for domestic trusts were introduced by the Taxation (Income Tax Rate and Other Amendments) Act 2020 that will require more disclosure to Inland Revenue. However, an Order in Council is required to set the minimum requirements for this disclosure. Tax policy officials are now seeking feedback on these requirements, which are set … Continue reading
Webb v Webb relates to whether a tax debt owed by the former husband in New Zealand is enforceable in the Cook Islands, and what that means in the context of the division of matrimonial property in the Cook Islands; the validity of two trusts settled on somewhat unusual terms; and valuation considerations when a … Continue reading
On 3 March 2020, Supplementary Order Paper (SOP) No 453 was introduced into Parliament. This SOP proposes a number of remedial and technical amendments to the Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill. One of the proposed amendments is an amendment to to s LD 3 of the Income Tax Act 2007, which … Continue reading
Trusts are a common form of asset ownership. However, the rights and obligations associated with trusts, and even simple matters such as contracting with trusts are not always well understood. On 26 February 2020 Vicki Ammundsen is presenting a webinar on trust fundamentals. The webinar will introduce basic trust concepts and will use a case … Continue reading
Revenue Minister Stuart Nash has announced that the Government will move to restrict donation tax credits and gift deductions to cash donations (including payments made by credit card or bank transfer). This announcement follows the Court of Appeal decision in CIR v Roberts that upheld a High Court decision in the same matter and ruled … Continue reading
Trusts are regularly wound up. However, in the absence of formal guidelines, the steps required are not always clear. Vicki Ammundsen is presenting a webinar on winding up trusts that will highlight matters to take into consideration to ensure that the trustees adopt a suitable decision making process, that any risks to trustees are identified … Continue reading
Under New Zealand’s tax rules, rental income from land belongs to the owner of the land and it is the owner who must declare the income to Inland Revenue. Where the property is owned by a trustee or trustees, this obligation falls on the trustees because, as a general proposition, where a property is held … Continue reading
The rules that tax certain sales of land include exclusions relating to a person’s main home. These exclusions are not meant to apply where the taxpayer has a “regular pattern” of buying and selling land used as a main home, residence or business premises. A tax policy consultation document, Habitual buying and selling of land, released … Continue reading
The Taxation (KiwiSaver, Student Loans, and Remedial Matters) Bill (Bill) includes proposed amendments arising from the administrative review of the taxation of trusts. The proposed amendment relate to clarification as to what can comprise corpus and a range of amendments that clarify the nature of certain distributions and amendments that relate variously to complying, non-complying and foreign trusts … Continue reading
In Roberts v CIR the question for the court is whether the forgiveness of debt a monetary gift for the purposes of s LD 3(1)(a) of the Income Tax Act 2007? Background The Oasis Charitable Trust (the Trust), a registered charitable trust, was settled by Mrs Roberts and her late husband on 14 October 2007 to facilitate the growth of … Continue reading
Matters of Trust 