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Charitable Trusts

This category contains 6 posts

If at first you don’t succeed

This blog, which might just as easily be entitled “Flat earth Society members need not apply”, considers the charitable status of cryogenics research. “[1] The possibility of life after death is, perhaps, one of humanity’s oldest preoccupations. Resurrection is at the heart of Christian ideology. And from Mary Shelley’s Frankenstein, HG Welles’ When the Sleeper … Continue reading

Taxation of Trusts ed 3

  The taxation of trusts is a dynamic and ever-changing landscape. The third edition of Taxation of Trusts published this week (September 2016) has been up-dated to incorporate recent case law developments and legislative amendments.  The text also considers the application of FATCA to trusts and proposed new reforms to the disclosure rules and closely … Continue reading

Amending charitable trusts to include powers of variation

There are a large number of charitable trusts in New Zealand.  The reason for this is not well understood: see How Charitable is New Zealand for some insight. One of the issues that arises, perhaps more in New Zealand than elsewhere, due to the number of charitable trusts, is that the trustees are not always … Continue reading

Diminution of charity

New Zealand has an extraordinary number of family trusts.  This love affair with trusts, perhaps not surprisingly, is not limited to family trusts and is mirrored in the number of charitable trusts.  One issue with the number of charitable trusts is the fragmentation of potential resources and how these can be diminished through administration, legal … Continue reading

Charitable or not?

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

Increased Charities Reporting

New auditing and review requirements have been announced that will apply to charities with annual exenditure of $500,000 or more. Currently all registered charities are required to attach financial statements to their annual returns.  New requirements announced this week will provide that charities with annual expenditure of $500,000 or more will need to have their financial statements reviewed … Continue reading