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Trust and intention

Intention in the context of trusts is more usually seen in the context of the three certainties. However, the recent decision in Ward v Ward [2009] NZSC 125 regarding an application under s. 182 of the Family Proceedings Act, may require looking at intention in the trust context in a whole new light.

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LAQC’s–Tax Avoidance?

A word of encouragement before you discontinue your investment LAQC or make any voluntary disclosures to the IRD – make sure you consult your accountant or tax advisor and consider all the relevant facts.

It appears there has been something of an irrational and hasty response to IRD’s Revenue Alert (www.ird.govt.nz/technical-tax/revenue-alerts/revenue-alert-ra0701.html) and related information advising of IRD’s investigation into personal homes being sold to LAQC’s.

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What happens to the trust when the love is gone–subtitle another way to pay tax

Trusts can provide excellent inter-generational asset protection. However, when relationships break up assets in trust solution (rightly or wrongly – I’ll leave that analysis for another day) are often taken into account. The equal sharing principle of the Property (Relationship) Act 1976 is pretty much standard modus operandi now and accordingly, or despite, many parties fail to appreciate or understand the advantages and limitations imposed when trusts are involved.

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Tossing the baby with the bath water

It’s been great getting some feedback on thoughts around the design of the tax system. Following on from those thoughts, given the Government’s heads up for property investors it would be great to hear some thoughts on this subject.

In this regard it is noted that it is difficult to reconcile is the view (accepted) that “the tax system lacks integrity and fairness because of differences in the treatment of entities” with the statement that the Government will “be making changes to the way property is taxed.”

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‘In Vicki you can Trust’…

Congratulations to Vicki Ammundsen one of TalkTax’s respected authors. Her new book ‘Taxation of Trusts’, published by CCH, is out now…

Taxation of Trusts

Where should tax come from?

Tax is topical right now.  The Tax Working Group reports have made headline news around the country.  Should a new land tax be introduced? Should GST be increased?  Is it time for a comprehensive CGT?

Whether we like a tax, however it is imposed, is largely irrelevant.  If a tax is imposed we’re stuck with it.  That said, it is generally accepted that a “good” tax is one that is seen to be fair (so that less effort goes into evasion) and one that is not so expensive to administer that it contributes little to the tax base.

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Taxation of sale of rental properties and personal residences

Taxation of sale of rental properties and personal residences

In early 2009 a rental property investor was referred to Owens Tax Advisors Ltd, having bought and sold a number of residential rental properties and then been audited by IRD.  At one point IRD proposed that if the sale of rental properties amounted to a business then the sale of one or two private homes were also potentially subject to GST and income tax.

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Recent comments

  • Joanne Martin: Hi Would you be able to email me to discuss a small company that is an LTC which I need some advice on...
  • Rizwana Saheed: You are on the right track that there is an exemption when employees work overtime but whether or not...
  • bryan: as a group of employees we get paid meal money if we exceed 11hrs on any day. Employer says he wants to tax...
  • linda: My mother is 94 and has dementia. With govt assisted carers she is still living in a home gifted within the...
  • Sharon: Hi Daniel, Can you please advise how owners of a profit-making LTC pay themselves? The owners used to pay...
  • Another Anne: My Dad is in care on full subsidy. I am EPOA. Are we able to gift some money to my brother in UK so...
  • Twagilayesu Isaya: I agree with the author of this article that Inland Revenue Department need to provide clear...
  • Quinn: Hi. I would like some clarification regarding the valuation of the investments component of the owners basis...
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  • Davo: Jo, quite likely is that the transition to an LTC was not done in time and the company became a normal company...

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