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What happens when a trustee of a trust loses capacity?

The majority of New Zealand’s trust deeds require trustees to act unanimously when exercising their trustee discretions. There are good reasons for this; this, however, becomes impossible when one trustee has lost mental capacity and is not capable of being involved in decision-making. Trustee loses mental capacity Decisions cannot be made unanimously if one trustee is not capable of making a decision. In practice, this means that the trust is in limbo until the incapacitated person ...

December 9, 2019

What are the new Healthy Homes Standards?

The Government has announced new regulations for New Zealand’s rental housing stock, with the idea of improving the quality of these homes. Almost 600,000 households rent in New Zealand, so these new regulations will have a significant impact on both landlords and tenants alike.From 1 July 2021, private landlords must ensure that their rental properties comply with the standards within 90 days of any new tenancy.All rental properties in New Zealand must meet the new Healthy Homes Sta...

December 9, 2019

What are the new trust law changes?

The laws governing Trusts in New Zealand are undergoing significant changes. The Bill will have a major impact on the way Trusts operate and are managed in New Zealand. A real concern for people with Trusts is the obligations the Bill places on trustees to provide information about the Trust to the beneficiaries of the Trust.  The Bill creates a presumption that Trustees must notify every beneficiary of certain basic trust information, including the fact that:  they are a beneficiaryth...

December 7, 2019

Individual Tax Residency Self Certification Form

Under New Zealand law, Financial Institutions must collect a self-certification from you about your tax residency status, including before they can open an account for you or in other situations. The Financial Institution may provide your information (even if you refuse to give information or a declaration) to Inland Revenue, who may share that information with overseas tax authorities under international agreements. If you’re an individual (including sole trader) or the Controlling Perso...

December 2, 2019

Brent Kelly Law Limited Terms of Engagement

These are our general terms and engagement of instructing us to act as your lawyer. Information about our fees, payment terms, confidentiality, information security and more.  ...

December 2, 2019

House Moving Checklist

Are you moving house? Follow this checklist to make your move stress-free and to keep everyone informed of your address change. ...

December 2, 2019

Entity Tax Residency Self Certification Form

Under New Zealand law, Financial Institutions must collect a self-certification from your entity about its Tax Residency status (and sometimes your entity’s Controlling Persons), including before opening an account or in other situations. The Financial Institution may provide your entity’s and Controlling Persons’ information (even if you refuse to give information or a declaration) to Inland Revenue, who may share that information with overseas tax authorities under interna...

December 2, 2019

Health and Safety Law Changes

Remember that thing we used to have before health and safety came along? It used to be called natural selection! All joking aside however, health and safety is an important issue for many industries and has recently been in the spotlight. This is due to the health and safety regime that came into place in April 2016.Changes include:Every person conducting a business or undertaking (PCBU) has a duty to do what they can within his/her influence and control to ensure the health and safety of staff ...

December 2, 2019

Brightline test

A “brightline test” and the “two year rule” are two terms relating to the tax changes by the government in respect to residential property. So what do they mean and what affect will they have on buyers and sellers of residential property? The changes came into place on 1 October 2015 and affect all residential property sales/purchases going forward. In a nutshell, prior to 1 October 2015, the position was that tax was only payable on profits on the sale of a residential pr...

December 2, 2019

Leasehold properties

Recent headline grabbing reports about owners of million dollar properties around One Tree Hill abandoning their homes highlight the potential pitfalls of buying a leasehold title. In these instances the annual rent has suddenly risen, sometimes by 800% or more, as a result of rent reviews which are carried out at set times under the lease.As lawyers we regularly get asked about the difference between leasehold and freehold titles (a wise question to ask during due diligence). The main differenc...

December 2, 2019

Anti-money laundering

As of 1 July 2018 The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) came into effect for Lawyers. As part of Brent Kelly Law Ltd’s commitment to the Act, we have adopted policies to enable us to assess the risk we may face from the actions of criminal activity and identify potential suspicious behaviour. What this may mean for you? We require Identification and proof of residential address.  If you are acting on behalf of a Trust or a company, we will ...

December 2, 2019 Posts 26-36 of 36 | Page prev