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IRD recently issued an interpretation statement IS 14/01 which changes New Zealand's tax residence rules and may affect the tax residence status of some taxpayers.

This article highlights the situation where a New Zealander, living and working overseas, keeps and rents out the home which he or she previously lived in. Read more…

Trustee duties

New Zealand's proposed new Trusts Act specifies duties of trustees and rules for providing information to beneficiaries. Even though the Act is not yet law, it is a good guide to best practice. Read more…

Is poor cash flow killing your business?

Most businesses because of poor cash flow.

For example, you buy or make something for $1,000 and sell it for $1,900. You have made a $900 profit. But what if the buyer takes three months to pay for the goods or service supplied? You need to pay wages and bills during that time, but will not have the cash to pay them. Read more…

Why you need a Will

An up-to-date Will is one of the most valuable legal documents you'll have.

If you are an adult you should have a will, even if you have no or modest assets. Here's why?

  • You might have unexpected assets to be dealt with on death. For example, a life insurance payout or compensation arising from your death. Read more…

Distribution trap for trustees

Some trustees of New Zealand trusts have a misconception that payments to beneficiaries are loans unless the trustees declare them to be an income or capital distribution. This misconception arises from the practice of trustees waiting until after the end of the financial year to pass the annual minutes declaring an income distribution.

In fact, a payment to a beneficiary is a capital distribution unless  Read more…

Are you a passive trustee?

I was at a seminar today in which Justice Heath of the High Court of New Zealand presented on the topic of the passive trustee. He reminded us of the four irreducible duties of trustees which are:  Read more…

Separating your business & personal cash flows

Many small businesses run their personal transactions through the business bank account. This can make it difficult to quickly see whether a cash flow problem is caused by an underperforming business or excessive personal spending. Here are three simple steps Read more…

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