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Two-month extensions for Annual Reporting and Audit Time Frames

Created: Monday, 12 July 2021 11:23

The Annual Reporting and Audit Time Frames Extensions Legislation Bill (the Bill) has been passed by the House and will come into force when it receives royal assent. The Bill amends the Crown Entities Act 2004 (CEA) and the Local Government Act 2002 (LGA02) by extending, for the 2020/21 and 2021/22 financial years, the time frames provided in relation to audits of Crown entities, with end-of-year balance dates of 30 June, and the annual reporting requirements of local authorities and council-controlled organisations.

 Crown entities

Crown entities, under the CEA, must provide their audit reports to the Auditor-General within 3 months after the end of the financial year. This deadline is extended by the Bill for Crown entities (and organisations subject to provisions of the CEA), with end-of-year balance dates of 30 June. For the 2020/21 and 2021/22 financial years their audit reports must be provided to the Auditor-General by the close of 31 December.

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First exposure draft of the replacement to the Resource Management Act released

Created: Friday, 02 July 2021 12:43

The Government has released its long awaited first exposure draft of the Natural and Built Environments Act (NBA), the proposed replacement to the Resource Management Act 1991 (RMA) as part of its wider reforms touted as a ‘once-in-a-generation’ opportunity.

This release follows the Government’s February 2021 announcement to reform New Zealand’s resource management system by repealing the RMA and replacing it, in addition to the NBA, with:

  • Strategic Planning Act (SPA) to integrate with other legislation relevant to development, and require long-term regional spatial strategies; and
  • Climate Change Adaptation Act (CAA) to address complex legal and technical issues associated with managed retreat and funding and financing adaptation.

This article outlines the exposure draft of the NBA and the process to follow.

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Who do you have to provide for when you die?

Created: Monday, 28 June 2021 15:46

 

Family Protection Act

For the most part, while you are alive, you can choose what you do with your property. However, people often do not realise that when you die, the law recognises a ‘moral duty’ to certain family members. It also offers remedies for those family members if you do not sufficiently provide for them on your death.

Potential Claimants

The Family Protection Act 1955 specifies who can make a claim for provision from a deceased’s estate. These people are:

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Tax, Trustees and Trusts - Things to Consider

Created: Tuesday, 08 June 2021 12:09

Just when you thought you had complied with your mandatory trustee duties under the Trusts Act 2019 – there is more!

Tax reporting obligations

New tax reporting obligations have been introduced for trusts that earn income, with effect from 1 April 2021. The new requirements are included in the Taxation (Income Tax Rate and Other Amendments) Act 2020, which amends the Tax Administration Act 1994. There is also a power for retrospective information gathering, so trustees may need to provide similar information going back as far as the 2014 tax year.

While these obligations only apply to trusts that earn income, a range of different documentation must be provided, which will require timely, complete, and accurate record-keeping. The information that must be provided to the IRD includes:

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A Legal and Voluntary End of Life Choice

Created: Tuesday, 11 May 2021 09:13

The End of Life Choice Act 2019 (“the Act”) will come into force in November 2021. To date it has been the subject of emotive support, criticism, and misinformation. The focus of this article is on the law as it presently stands.

The key points to note are:

  • Any decision you make about whether you want to use the Act’s processes, or not, cannot be made in advance.
  • A decision cannot be made for you by your family members, or medical staff. This means your wishes on using the processes outlined in the Act, or not, cannot be included in your will, or your advance medical directive / living will.
  • The Act cannot be used by people “wanting to turn off your life support” or make medical decisions for you when you cannot make them yourself.

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Created: Friday, 30 April 2021 11:38

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