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The Professional Trustee Team

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Trust tax returns - new rules

by The Professional Trustee Team 28 Jan 22

Filing tax returns for trusts is becoming more complicated, and trustees need to be aware of this. From the 2022 financial year onwards (i.e. year ending 31 March 2022), additional information must be included in a trust’s tax returns.  None of this is particularly difficult, but..

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Trustee Duties

by The Professional Trustee Team 02 Jul 21

So you have set up a trust and you are a trustee, and you wonder, “what are my obligations as a trustee?” To answer that question we turn to the Trusts Act. Under this Act there are two classes of trustee duties, being mandatory and default...

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New Trust Law Passed

by The Professional Trustee Team 29 Aug 19

30 July 2019 was an important milestone in the land of trusts. That was the date the Trust Act 2019 became law in New Zealand.  One of the objectives of this new law is to provide for greater transparency and accountability by trustees to beneficiaries. This..

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A step forward in trust law

by The Professional Trustee Team 24 Jun 19

Trusts hail from medieval times and one can be forgiven for thinking current trust law has been on our statute books since that time too.  A combination of legislation, common law judgements and equity maxims result in the law being antiquated and complex. This frequently..

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Coping with the new compliance rules

by The Professional Trustee Team 12 Dec 18

New legal and regulatory requirements are slowing things down and costing people time and money, especially if they leave things to the last minute before involving their professional advisers. The following story illustrates.   Recently, a client faced the problem of failing to obtain bank funding..

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New law that will affect you

by The Professional Trustee Team 28 Aug 18

Recently New Zealand passed legislation which we are finding is affecting many clients, especially individuals, trusts and companies. For this reason, it's important you are aware of the new law and how it will affect you. Purpose and objective of new legislation  The law recently..

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Property Contracts - the devil is in the detail

by The Professional Trustee Team 17 Dec 17

Property contracts, including sale and purchase agreements and building contracts, sometimes include clauses that can be harmful to the unwary. And by unwary, I simply mean people who are not used to dealing with such legal documentation.  One of the advantages of using a professional..

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New Trust Legislation

by The Professional Trustee Team 27 Sep 17

A new bill is making its way through Parliament which is going to see changes made to the current Trustee Act. All those with an existing trust should be aware of the implications imposed and the opportunities this new bill will bring when it becomes..

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The flaws of introducing DTI

by The Professional Trustee Team 24 Aug 17

We've lived for a while now with the quiet rumblings of the Reserve Bank of New Zealand (RBNZ)wishing to introduce a new macro prudential policy of debt-to-income ratio (DTI) on the premise this is needed to ensure stability in our financial system.  Lately those rumblings..

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