Articles by The Professional Trustee Team
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
If you're undertaking any of the above activities, greater time is going to be needed in order to complete the documentation now required to satisfy the requirements imposed under the legislation. Accordingly, ensure you give all your professional advisers, especially your lawyers and professional trustees, adequate time to complete the work that is necessary. At GRA we need at least two clear working days from receipt of documentation. In some cases, this time may need to be extended, depending upon the nature of the transaction and the work that is necessary to undertake in order to comply with the statutory requirements.
To ensure your transactions proceed smoothly, help your advisers by communicating with them. In particular, tell your bankers, solicitors and professional trustees of what you are planning. When planning activities, be mindful that adequate time needs to be given to advisers to satisfy all of the new legislative requirements. Specifically, when opening bank accounts, be mindful that the process can now take a week or more.
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