Revision of Trust Law

The Trustees Act 1956 (‘The Act’) forms the basis of New Zealand’s trust law. Given the age of the Act, it can be difficult to interpret and apply in today’s environment, which has arguably led to an increase in the number of court disputes.

 

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Tax Minimisation—How do they do it?

Multi-nationals such as Starbucks, Apple and Amazon have been under the spotlight lately due to the low amount of tax they pay in comparison to their total earnings. For example, Google reported that it paid US$248 million in taxes on foreign income of US$7.633 billion. However, it is difficult to discern from mainstream media reports exactly what the issue is. An explanation and example are provided below.

 

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Damage to Reputation

Two employment law cases received considerable media attention recently and highlight how employment dispute stories have become very newsworthy. Both involved employers who dismissed employees for reasons either wholly or partly attributable to reputational damage. This should serve as a reminder to other employers to be concerned about the potential implications of this sort of publicity.

 

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Future Tax Changes

The IRD and the Treasury have released a Taxation of Savings and Investment Income report outlining potential tax reforms that could improve NZ’s economic performance. Although changes in the near future are unlikely, it is an interesting gauge of what changes could be made in the longer term. Some notable highlights have been summarised below.

 

CAPITAL GAINS TAX

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Buying a business – warranties and tax

We've written articles before about buying a business. This time we’re talking about a couple of things which should not be overlooked.

 

Warranties

Include in your sale and purchase agreement as many assurances from the vendor as you can. Examples include:

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