-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
Trading up, more room for the kids, closer to the office, away from the traffic noise, life style opportunity … moving on, moving up, trading down – common reasons to buy and sell. When does a regular replacement of the family home equate to a business enterprise? And if that enterprise is carried out by … Continue reading
The devil is in the detail. Sometimes, so is the GST. Prior to compulsory zero rating of land transactions it was common to use the GST-refund to fund the deposit. However, in the event the sale did not go ahead, the GST needed to be re-paid. So if the deposit was forfeited then, well, that … Continue reading
Rules called the associated person rules apply to tax certain capital gains derived from land due to associations between builders, property developers and dealers. These rules were strengthened with general effect from the start of the 2010/11 income year. An unintended consequence of the amendments to the associated person rules was that the rules could also apply to … Continue reading
Previous blogs have talked about the dangers of failing to differentiate between trust and the trust’s settlor (or some other “related” party). This is also the case when it comes to recognising who is entitled to deductions for trust expenditure. A TRA (Taxation Review Authority) decision, since upheld on appeal to the High Court (see Brown … Continue reading
Vicki Ammundsen is presenting a webinar introducing trust concepts on 10 May 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. Topics covered will include: The requirements of a valid trust The significance of the fact that a trust is not a legal entity Independent trustees Contracting with trusts – … Continue reading
Rules called the associated person rules apply to tax certain capital gains derived from land due to associations between builders, property developers and dealers. These rules were strengthened with general effect from the start of the 2010/11 income year. However, an unintended consequence of the amendments to the associated person rules is that the rules can … Continue reading
In this month’s Offshore Investment magazine Vicki Ammundsen observes how New Zealand foreign trusts are able to minimise taxation in New Zealand due to the design and purpose of the trust rules in the New Zealand income tax legislation. She explores the legitimacy of New Zealand trustees of foreign trusts and explains how the tax-free … Continue reading
Vanity Fair is an unlikely source of interest for people whose minds turn more often to trusts than trust fund babes. However, a line in Vanity Fair’s recent interview with Ned Lambton, the seventh Earl of Durham, after whose ancestor Wellington’s Lambton Quay was named (the first New Zealand connection), warrants further consideration. Discussing his … Continue reading
Inland Revenue has released Interpretation Statement 12/02: Income tax – Whether income deemed to arise under tax law, but not trust law, can give rise to beneficiary income. Interpretation Statement 12/02 (IS12/02) confirms the Commissioner’s view (outlined last year in IS1110: see Tax law review of whether deemed income is beneficiary income) that in some circumstances, … Continue reading
I’m presenting a webinar for NZICA on the Taxation of Trusts on 23 March 2012. The webinar will provide an overview of the many and varied ways in which trusts are taxed and will also include the opportunity to ask questions. If you are interested in attending the webinar contact NZICA directly.
Matters of Trust 