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Name: Vicki Ammundsen

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Web Site: http://www.cch.co.nz

Bio: Vicki Ammundsen BSc, BCom, LLB. Vicki, a practising barrister and solicitor of the High Court of New Zealand, has ten years' experience in tax and trust law. Before becoming a partner at Ayres Legal, Vicki gained experience in tax and trust law working as a tax practitioner at Minter Ellison Rudd Watts, PricewaterhouseCoopers and Denham Martin & Associates. She is the author of the CCH publication Australian GST for New Zealand Businesses.

Posts by Vicki Ammundsen:

    Tax Simplification project

    April 3rd, 2015

    A new Government public consultation project on options for simplifying and modernising New Zealand’s tax administration has been launched.

    The first two in a series of public consultation documents designed to modernise and simplify the tax system have been released.
    The first paper, Making Tax Simpler — a Government green paper on tax administration aims to introduce New Zealand to the overall direction of the tax administration modernisation programme and seeks feedback on that direction.  Consultation on this paper closes on 29 May 2015.
    The paper, Better Digital Services outlines proposals for greater use of electronic and online processes allowing faster, more accurate, more convenient interactions with Inland Revenue. Consultation on this paper closes on 15 May 2015.
    To make a submission or to read the full details of proposals refer to the documents below and go to www.makingtaxsimpler.ird.govt.nz
    Also see:

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    GST and Body Corporates

    June 9th, 2014

    Minister of Revenue Todd McClay has announced the Government’s intention to amend the GST Act to confirm that Body Corporates will not be required to register for GST and file returns.  The Government’s view is that this will align Body Corporates with the rules for other residential property owners.  For more information see http://taxpolicy.ird.govt.nz/news/2014-06-06-govt-seeks-feedback-proposals-clarify-gst-treatment-bodies-corporate#statement.

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    New rules for foreign superannuation

    April 8th, 2014

    New tax rules to deal with interests in foreign superannuation schemes held by New Zealand tax residents were introduced by the Taxation (Annual Rates, Foreign Superannuation, and Remedial Matters) Act 2014, which was enacted on 27 February of this year. For information on these important changes see http://taxpolicy.ird.govt.nz/publications/2014-sr-foreign-superannuation/overview.

    Also see NZ Tax Solutions,Issue 1, 2014,  Foreign Superannuation Update (CCH)

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    Tax relief proposed for community housing

    November 20th, 2013

    The Government has announced that it will introduce legislation to Parliament to provide that assisting low-income families into home ownership will be exempt from income tax.

    The law change is considered necessary after the Charities Commission (the functions of which have been taken over by the Department of Internal Affairs – Charities) decided that assisting people into home ownership was not always charitable. These decisions, which have been confirmed by the High Court have resulted in a charitable trust being deregistered (Queenstown Lakes Community Housing Trust) another having its registration re-instated (Liberty Trust); and have left a number of trusts uncertain about their tax status or facing unexpected tax liabilities.

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    Trustees liable to pay liquidators for company’s losses

    October 26th, 2013

    This item has been adapted from an article written by Marilyn Hay

    In the case of Rowmata Holdings Limited (in liq) v Hildred, the High Court has held that liquidators of a company were entitled to repayment of GST receipts from associated parties (two trusts) that had received them.

    Background

    The matter arose from a sale and purchase agreement for the purchase of land where two trusts (the purchasers) did not have the financial ability to settle. Before settlement date a company incorporated by the purchasers claimed a GST refund from the purchase some of which it paid out to the trusts in settlement of debts. When the purchasers subsequently defaulted at settlement date, the GST refund became repayable to Inland Revenue but there were no funds held by the company to meet this liability. The company went into liquidation and the High Court agreed with the liquidators that they were entitled to recover the entire amounts claimed from the trustees of the trusts.

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    Trust income from property transactions liable for income tax and GST

    October 23rd, 2013

    This item has been adapted from an article written by Marilyn Hay

    A recent Taxation Review Authority (TRA) decision has held that amounts derived by a trust that bought and sold properties were income on the basis that the properties were acquired for the purpose of intention of sale. The TRA also held that the trust was in the business of erecting buildings and that the exemption for residential land did not apply in this case. In addition, the TRA found that the trust was deemed to be registered for GST. The trust was therefore liable for income tax and GST output tax on the sales of the properties. The TRA also found that the trust was grossly careless when taking its tax position and that shortfall penalties should be imposed for gross carelessness.

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    Inclusive or exclusive of GST?

    October 22nd, 2013

    GST, is simple tax that can nevertheless prove difficult in practice.  While compulsory zero-rating will assist in some regard, there will always be transactions where it is necessary to draft special clauses to deal with GST.  Sometimes the clause will reflect the parties’ intentions and everyone will be happy.  Sometimes it won’t.

    From the writer’s experience the difference between the outcomes depends in large part on an appreciation as to how the GST liability is calculated and how this is to work in relation to the terms exclusive and inclusive of GST (or plus GST (if any)) as relevant.

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    Amendment to “Associated Persons” definition

    October 7th, 2013

    Section YB 11 of the Income Tax Act 2007 has been amended, with general application from the 2010-11 income year (but with application from 6 October 2009 for some land provisions) to provide that a trustee is not associated with a person who has the power to add and remove trustees (the appointor) if the appointor only holds that power in a professional capacity.

    When the Associated Person provisions in the Income Tax Act 2007 were amended in 2009 the rules became significantly more difficult to circumvent.  The amended definition including amongst other things a provision providing that  a trustee and an appointor are now associated persons (s YB 11).

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    Review of the Law of Trusts

    September 11th, 2013

    The Law Commission’s Report, Review of the Law of Trusts: A Trusts Act for New Zealand, was tabled in Parliament today (11 September 2013).

    The Report recommends the introduction of a new Trusts Act to replace the current Trustee Act 1956.

    The proposed new Trusts Act will be a comprehensive statute that modernises the law of trusts in New Zealand.

    The Report contains 51 recommendations in total relating to trusts.

    See below for links to the paper and the summary of recommendations.

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    New incorporated societies legislation recommended

    August 22nd, 2013

    The Law Commission has released its final Report on the Review of the Incorporated Societies Act 1908.  The Report, which is titled A New Act for Incorporated Societies (R129, 2013) recommends new incorporated societies legislation in place of the current act: The Incorporated Societies Act 1908.

    The Law Commission recommends that new legislation should:
    • provide a set of basic duties for committee members and any other officers of societies
    • provide a procedure for dealing with financial conflicts of interest
    • require every society to include disputes procedures in its constitution
    • provide a model constitution that a society can adopt as an alternative to drafting its own constitution

     The Report is available here.

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Recent comments

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