Ayres Legal Articles & Commentary

Correcting errors in trust deeds

Sun, 13 May 12 23:36:48 +0000

Mistakes happen in all walks of life. Some are easy to remedy. Some, not so much. What happens when a mistake is made in a deed of trust? Variation Some mistakes can be corrected through the... read more »

Trusts and timing

Tue, 10 Jan 12 04:54:12 +0000

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

Wed, 26 Oct 11 23:09:01 +0000

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 ...

Thu, 13 Oct 11 22:10:29 +0000

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

Mon, 03 Oct 11 21:04:55 +0000

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

Thu, 04 Aug 11 05:24:06 +0000

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

Sun, 31 Jul 11 01:09:10 +0000

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 �

Wed, 20 Jul 11 05:38:05 +0000

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

Fri, 15 Jul 11 05:16:49 +0000

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

Fri, 24 Jun 11 00:54:02 +0000

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 �" what next?

Thu, 16 Jun 11 03:17:00 +0000

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

Thu, 16 Jun 11 03:09:23 +0000

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?

Mon, 25 Apr 11 23:54:59 +0000

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

Wed, 23 Mar 11 02:01:18 +0000

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

Thu, 10 Mar 11 23:21:36 +0000

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

Mon, 14 Feb 11 22:06:52 +0000

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

Mon, 14 Feb 11 22:09:43 +0000

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?"

Tue, 15 Feb 11 00:17:19 +0000

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

Mon, 22 Nov 10 01:38:53 +0000

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

Mon, 04 Oct 10 02:34:59 +0000

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?

Sun, 28 Feb 10 01:52:53 +0000

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?

Fri, 29 Jan 10 01:53:31 +0000

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

Fri, 04 Dec 09 03:29:04 +0000

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

Mon, 09 Nov 09 02:40:22 +0000

"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 »

Taxpayers' Heaven

Mon, 09 Nov 09 00:03:03 +0000

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

Mon, 09 Nov 09 00:02:09 +0000

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 »

Payroll-Giving: A Real-time Benefit For Charitable Giving

Mon, 09 Nov 09 00:00:44 +0000

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 »