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Trusts coming out of recession - lessons for trustees and trust practice by Denham Martin

By: Martin, Denham.
Series: Professional Development course paper (New Zealand Institute of Chartered Accountants). Publisher: Wellington, New Zealand New Zealand Institute of Chartered Accountants (NZICA) 2009Description: 58 p. 30 cm.ISSN: 1173-9851.Subject(s): TRUSTS | TRUSTEES | CASE LAW | New Zealand. Income Tax Act 2007 | New Zealand. Goods and Services Tax Act 1985 | New Zealand. Property (Relationships) Act 1976 | New Zealand. Family Proceedings Act 1980 | Trusts
Contents:
INTRODUCTION: The global financial crisis ; Trusts and tax sheltering ; Utility of trusts as creditor protection mechanisms ; Matters of trust integrity ; Trustee liability ; Charities update ; SHAM TRUSTS, THE CONTROL OF FIDUCIARIES AND MATTERS OF VALUATION: PUTTING THE 'TRUST' BACK INTO TRUST RELATIONSHIPS: Legal arrangements must truly reflect 'trust relationship' ; Securing integrity of trust relationship ; Valuation considerations ; CHARITIES UPDATE: Role of Charities Commission ; Matters of operational interest to commission ; Word Investments Limited v FCT ; Exchanges and relationship with Inland Revenue ; Critical importance how constitutional documents drafted ; TRUSTS AND TAXATION: Trusts undermining fiscal integrity of tax system ; Trusts and tax avoidance ; Trustees claiming GST input tax on legal costs ; Non-qualifying trusts and corpus ; TRUSTS AND CREDITOR CHALLENGES: Basic liability position ; Creditor claims against trustees, settlors and beneficiaries ; Trustees personally liable for any 'trust' defaults ; Creditor claim against beneficiaries ; Creditor claims against settlor of trust ; Trustee's liability for investment losses ; TRUSTS AND THE PROPERTY RELATIONSHIPS ACT: P v B ; Walker v Walker ; Relationship property agreements ; Sham challenges and constructive trusts ; Rose v Rose ; Section 182 Family Proceedings Act ; CONCLUSIONS: Too many 'bad' trusts ; Integrity and independence for trusts ; Fewer trusts in short-term? ; Long-term: trust business as usual
Summary: Looks at issues in relation to trusts and the global financial crisis. Covers subjects such as trusts and tax sheltering, the utility of trusts as creditor protection mechanisms, trust integrity, and trustee liability. Draws on case law to highlight points made.
Item type Home library Call number Vol info Status Notes Date due Barcode Item reserves
CA Course/Conference Paper - NZ CA Course/Conference Paper - NZ New Zealand
S.971 (Browse shelf) 971 Not For Loan Historical collection: If you would like to borrow this publication please email us. CA004603
Total reserves: 0

INTRODUCTION: The global financial crisis ; Trusts and tax sheltering ; Utility of trusts as creditor protection mechanisms ; Matters of trust integrity ; Trustee liability ; Charities update ; SHAM TRUSTS, THE CONTROL OF FIDUCIARIES AND MATTERS OF VALUATION: PUTTING THE 'TRUST' BACK INTO TRUST RELATIONSHIPS: Legal arrangements must truly reflect 'trust relationship' ; Securing integrity of trust relationship ; Valuation considerations ; CHARITIES UPDATE: Role of Charities Commission ; Matters of operational interest to commission ; Word Investments Limited v FCT ; Exchanges and relationship with Inland Revenue ; Critical importance how constitutional documents drafted ; TRUSTS AND TAXATION: Trusts undermining fiscal integrity of tax system ; Trusts and tax avoidance ; Trustees claiming GST input tax on legal costs ; Non-qualifying trusts and corpus ; TRUSTS AND CREDITOR CHALLENGES: Basic liability position ; Creditor claims against trustees, settlors and beneficiaries ; Trustees personally liable for any 'trust' defaults ; Creditor claim against beneficiaries ; Creditor claims against settlor of trust ; Trustee's liability for investment losses ; TRUSTS AND THE PROPERTY RELATIONSHIPS ACT: P v B ; Walker v Walker ; Relationship property agreements ; Sham challenges and constructive trusts ; Rose v Rose ; Section 182 Family Proceedings Act ; CONCLUSIONS: Too many 'bad' trusts ; Integrity and independence for trusts ; Fewer trusts in short-term? ; Long-term: trust business as usual

Looks at issues in relation to trusts and the global financial crisis. Covers subjects such as trusts and tax sheltering, the utility of trusts as creditor protection mechanisms, trust integrity, and trustee liability. Draws on case law to highlight points made.

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