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The perfect gift after 125 years

An Inland Revenue report on the abolition of gift duty is set to cost professionals such as accountants and lawyers around $70 million in lost compliance fees. It is estimated that the government will save around $430,000 in administration fees but forego the $1 million a year in duty they were receiving from the scheme. Read more

Law Society comments on Newmarket Trustees

Although the Newmarket Trustees case appeal has yet to be heard, the Law Society has come out in support for the single corporate trustee model.

See http://www.adls.org.nz/about-adls/committees/public-issues-committee/public-issue-papers

Another advantage of the single or dedicated corporate trustee model is the ease (and cost effectiveness) at which the effective control of the corporate trustee can be changed. However, on a cautionary note, a point not made by the Law Society is that where a single corporate trustee is appointed there is a risk, albeit largely theoretical at present, whereby in certain circumstances beneficiaries can claim against the director of a corporate trustee pursuant to a dog-leg claim. Read more

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...
  • QROPS Pensions: Interesting piece of writing, you always write the most useful content & TalkTax is no exception...
  • 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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