Articles & Commentary
Trusts and timing 10 January, 2012
Trusts and trust busting are subjects that are regularly reported on. However, sometimes in all the hype and the fear propogated by the reports the simple facts get diluted or disregarded. While... Read More »
Guarantee Warning 27 October, 2011
We regularly advise clients who have been asked to guarantee bank borrowings. As well as ensuring an understanding of the obligations that are being assumed it is also useful for us, as your legal... Read More »
The importance of legal advice before signing ... 14 October, 2011
The recent case of Stake Property Limited v Coate & Ors demonstrates the importance of legal advice before signing an agreement for sale and purchase. This case displays the normal hallmarks of... Read More »
Pitfalls of early possession 03 October, 2011
The opening paragraph in the recent decision in Wisheart & Ors v Featherston neatly summarises the case, this paragraph stating: "The present case is yet another example of the pitfalls that... Read More »
Beneficiary Rights in the Spotlight 04 August, 2011
The article "Trust Experts predict chaos if proposal goes ahead" (Sunday Star Times, July 31), raises some interesting questions about the rights of beneficiaries and the obligations owed to them by... Read More »
Taxpayer not required to pay tax on land acquired with an intention of resale 31 July, 2011
The High Court decision in Junior Farms Limited v CIR (CIV-2009-404-2870, Brewer J, 22 July 2011), while perhaps a "fair" result in the circumstances of the case, is difficult to sustain by reference... Read More »
Like rust, trustee liability might doze but it is never asleep ⦠20 July, 2011
A decision to wind up a trust is a common response to creditor issues. However, some trustees may be surprised to learn that trustee liability isn't simply erased on winding up a trust. This is... Read More »
New Unit Titles Act 15 July, 2011
The new Unit Titles Act 2009 has now come into force. This is intended to improve transparency for buyers and to assist owners to maintain existing buildings. If you are buying or selling: Owners... Read More »
NRWT and New Zealand owned Australian rental properties 24 June, 2011
It is not well known that non-resident withholding tax (NRWT) can be payable (calculated by reference to the interest payable) when money is borrowed from an off-shore lender. For the purposes of... Read More »
Abolition of gift duty â" what next? 16 June, 2011
If the Taxation (Tax Administration and Remedial Matters) Bill is enacted in its current form, gift duty will be abolished in respect of gifts made on or after 1 October 2011. Gift duty and gift... Read More »
Pre-emptive defences to attacks on trusts 13 June, 2011
Pre-emptive defence to attacks on trusts Vicki Ammundsen Partner Ayres Legal Trusts are now a commonplace flexible means of asset ownership that can provide better creditor protection than... Read More »
Renting your house during the Rugby World Cup? 26 April, 2011
If you are planning to rent your house out during the Rugby World cup, in addition to sorting our a mail redirect for the duration you should also let your insurer know that the property will be... Read More »
A Doctor's Guide to Asset and Estate Planning 23 March, 2011
A doctor's guide to asset and estate planning The asset and estate planning practices of the medical profession have been the unwelcome focus of the Inland Revenue Department ("IRD") and the media... Read More »
Electing to become a look-through company 11 March, 2011
The new look-through company (LTC) regime will apply from 1 April 2011. As that date approaches, directors and shareholders of existing loss attributing companies (LAQCs) need to know when the... Read More »
New GST rules applying to the sale of land 11 February, 2011
The GST rules surrounding the sale of land will change from 1 April 2011 so that sales of land (including developed land) by GST-registered vendors that settle on are after that dated can be... Read More »
Look Through Companies - new company regime 21 January, 2011
Budget 2010 heralded changes for qualifying companies (QCs) and loss attributing qualifying companies (LAQCs). On 11 October 2010 the Government announced its intention to introduce new rules that... Read More »
Abolition of gift duty "what does it mean for your trust?" 22 November, 2010
On 1 November 2010 the Government announced its intention to abolish gift duty in New Zealand, effective 1 October 2011. The legislation to abolish gift duty is expected to be introduced... Read More »
New company options 22 November, 2010
On 11 October 2010 the Government announced its intention to introduce new rules that will prevent a loss attributing company ("LAQC") from passing losses on to the company's shareholders. At the... Read More »
Beneficiary Rights 04 October, 2010
Much is currently being written at present regarding trusts, the safety of trusts as a means of asset ownership and increasingly, the obligations that trustees incur as trustees of a trust. However,... Read More »
In trusts we trust - but why? 28 February, 2010
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... Read More »
LAQCs and the family home - are you feeling brave? 29 January, 2010
LAQCs AND THE FAMILY HOME Loss attributing qualifying companies, more commonly referred to by the acronym LAQC, often feature in asset and estate planning. The most significant difference between... Read More »
Testamentary Capacity 04 December, 2009
WHO KNOWS WHAT YOU HAD BEFORE YOU LOST IT? A valid will requires compliance with the required legislated formality (Wills Act 2007, Wills Act 1837 (UK)). Although the will-maker must also possess... Read More »
Proposed change to GST Act will change how GST is accounted for on sales of land 09 November, 2009
"GST: Accounting for land and other high-value assets - A government discussion document" released on 5 November 2009 proposes a number of changes to the Goods and Services Tax Act 1985. One of the... Read More »
Payroll-Giving: A Real-time Benefit For Charitable Giving 21 October, 2009
A new voluntary payroll-giving scheme for charitable donations, comes into effect on 7 January 2010. The key points of the scheme are: participation in voluntary for employers and employees; the... Read More »
Taxpayers' Heaven 01 September, 2009
Whether expenditure is on capital or revenue account is an age old question of taxation considered in the Australian decision in FC of T v Citylink Melbourne Limited 2006 HCA 35. In this decision a... Read More »
Bankrupt Trustee Issues 06 September, 2007
The Court of Appeal decision in CIR v Duncan [2007] NZCA 235 is a salutary lesson to trustees regarding the management of personal liability for goods and services tax and circumstances where that... Read More »