Often, settlors of a family trust think that in the event of their deaths, their wills will cover assets held by the trust such as a family home. However, this is not the case. Wills can only deal with personal possessions and assets. Treatment of a family home held by a trust cannot be covered […]
Extracting maximum profit from your business is not easy. Understand the best way to pay yourself and avoid unnecessary taxes.
If you are feeling overwhelmed in terms of the number of different tasks you are trying to do and / or have employees who could be supporting you more, we recommend doing an Organisational Review of your business. Doing this will allow you to define who should be doing what to improve efficiency and give […]
If you have a family home in a trust, changes proposed under the Taxation (Land Information and Offshore Persons Information) Bill will more than likely require your family trust to register for an IRD number. From 1 October 2015, anyone buying or selling property will need an IRD number. This includes non-income generating family trusts […]
I attended the Xero roadshow last week and amongst the plethora of product updates and business advice was a gem I wanted to share with our clients. Xero is big on big data analysis and they have found that businesses using Xero with just one additional piece of add-on software are 24% more profitable. In […]
It’s common for people involved in family trusts to underestimate the ongoing management and administration requirements. While people settle (create) a family trust as a means of providing a form of protection for assets, experts believe that if challenged, many New Zealand family trusts could be overturned. A common reason for trust non-compliance is poor […]
Got a trust? Most likely – it’s estimated there may be more one million trusts in New Zealand. This is the result of the trust formation industry that exploded in the 1980 and 1990 as people sought to avoid estate tax and superannuation charges. More were set up in the 2000s to avoid asset testing […]
During the 1980s and 1990s, Kiwi’s in their tens of thousands set up family trusts to hold their family home and avoid estate duties. More were set up in the 2000s by those wanting to avoid asset testing for residential care and the effects of the Property (Relationships) Act. Typically these trusts were set up […]
With personal liability of directors and officers due to the HSE reform, you must proactively manage health and safety. What does this mean in practice?
Lots of things have happened this month and now is a good chance to have a look at some of the changes and how they may relate to you and your business. PAYROLL MINIMUM WAGE INCREASE – the minimum wage has gone from $14.25 per hour to $14.75 per hour – your April payroll should […]
