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Overseas beneficiaries and trustees – triggers for foreign tax surprises

Overseas beneficiaries and trustees – triggers for foreign tax surprises

If you have family living overseas, have you considered the foreign tax implications?  Read on, because chances are that either you or someone you know is impacted.

Historically, information was largely unavailable between tax authorities, but this is no longer the case. The new trust disclosure obligations are an example of ways that Inland Revenue can obtain further information about taxpayers, whether they live in New Zealand or overseas. Have you thought about how Inland Revenue will use that information and how it will affect your family?

By Lee Harris - 22 Jul 2022

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Enforcing foreign judgments

Enforcing foreign judgments

Despite the mass exodus from New Zealand, there are still people coming to New Zealand - and sometimes escaping judgments against them. Can leaving the country leave behind your obligations?

By Kiren Narayan - 15 Jul 2022

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Children, life interests and non-residents in Wills –why are the new trust information requirements relevant?

Children, life interests and non-residents in Wills –why are the new trust information requirements relevant?

It is common for wills to delay vesting of assets until a later date (e.g. when children or grandchildren attain 25 years).  It is also common for couples in a second relationship to leave each other a lifetime interest in the family home. When either of these scenarios lasts more than two years, a testamentary trust is created.  In the majority of cases, the new financial reporting and disclosure requirements for trusts will then apply.

By Lee Harris - 27 Jun 2022

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Digital Assets and Memories - how to deal with them on your death

Digital Assets and Memories  - how to deal with them on your death

It is safe to assume that nowadays most of us have a "digital life".  Digital life, which inevitably one day will become a "digital estate".  Although the concept of digital assets of sentimental value is not new, the concept of monetary valuable digital assets is. We are now at the point where our online lives need to be considered when declaring our wishes in wills or when separating.

By Polina Kozlova - 15 Jun 2022

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New tax return information for trusts – what are the implications?

New tax return information for trusts – what are the implications?

Information that must now be provided alongside annual trust tax returns will come as an unpleasant surprise for many trustees and beneficiaries. There is no doubt that Inland Revenue is taking a close look at trusts to evaluate how they are being used, and to decide whether the use should be subject to tax.

By Lee Harris - 27 May 2022

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I can't get any gib! What to do if you risk penalties for late completion

I can't get any gib! What to do if you risk penalties for late completion

Supply issues in the construction industry at the moment are well known. If you're in the industry and running the risk of incurring penalties, there are things which can be done.

By Kiren Narayanan - 11 Apr 2022

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Insights from the Relationship Property Survey 2021

Insights from the Relationship Property Survey 2021

The Family Law section of the New Zealand Law Society, in conjunction with Grant Thornton, recently released the New Zealand Relationship Property Survey of 2021.

By Tara Grant - 21 Mar 2022

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Overseas Investment Act - restrictions affecting non-complying foreigners

Overseas Investment Act - restrictions affecting non-complying foreigners

The Overseas Investment Act ( OIA) modifications removed the ability for most foreigners to own New Zealand residential land. The changes impact any interest in residential land acquired from 22 October 2018 onwards. Although there are a few exemptions from the new restrictions, they are limited. Several years later and we still see misunderstanding about the OIA restrictions.

By Lee Harris - 22 Feb 2022

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I’m trying to sell but someone’s lodged a caveat on my property!

I’m trying to sell but someone’s lodged a caveat on my property!

Caveats are a useful tool for protecting your interest in a property. Once you register a caveat on a property, it prevents the property owner from selling and notifies the public that there is another interest in the land.

By Kiren Narayan - 17 Feb 2022

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What are Sunset clauses and how do they work?

What are Sunset clauses and how do they work?

Sunset clauses are conditions included in agreements to provide purchasers, and sometimes vendors, the ability to cancel an agreement by notice if a specific event has not occurred by a certain date (i.e. the sunset date).

By Eesha Karamchandani and Gaanesh Seger - 10 Feb 2022

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