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Beware: Disclosure Rules for Foreign Trusts Have Tightened

Created: Wednesday, 15 March 2017 15:14

In February 2017 the New Zealand Parliament completed its third reading of the Taxation (Business Tax, Exchange of Information and Remedial Matters) Bill which is due to come into law soon. The Bill introduces new laws for the administration of New Zealand foreign trusts.  The reforms are based on the recommendations of the Shewan Inquiry which was set up as a result of the Mossack Fonseca data leak in April 2016 (the ‘Panama Papers’).  The report raised concerns about the need for disclosure rules relating to foreign trusts registered around the world.  The New Zealand Government has decided to enact the new law to ensure New Zealand's reputation is maintained. 

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Why have a Trust?

Created: Thursday, 02 March 2017 08:27

There are many reasons for creating a trust, and our team of trust experts briefly cover them here.

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Facebook - What the Fine Print Says

Created: Tuesday, 28 February 2017 17:42

Chances are if you are a business, you are already using Facebook to promote your business, build brand awareness and interact with your customers. You may even be using Facebook to sell your goods or services.

If you have a Facebook Business Page then you will have agreed to Facebook’s Statement of Rights and Responsibilities ("Statement") and a number of policies such as the Data Policy, Platform Policy, Payment Terms and Advertising Policy and Self-serve ad terms.

 

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Reviewing Your Relationship Property Agreement: Nothing Lasts Forever

Created: Tuesday, 21 February 2017 18:21

“Nothing endures but change”

So said Heraclitus some 2500 years ago, and his observation still rings true today.  A relationship property agreement reflects a snapshot of your and your partner’s circumstances at the time it was signed. The recent case of Clayton v Clayton [2015] NZSC 30 sharply illustrates the need to consistently review and update your agreement.

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Legal Landscape - Christmas Edition

Created: Monday, 12 December 2016 11:50

With the holiday season upon us and looking forward to the New Year, this edition rounds out 2016 with our seasons greetings from the Partners and Staff at Brookfields.

Christmas Closedown Period

Please note our offices will be closed from 5pm Friday 23 December 2016, fully reopening on Wednesday 18 January 2017.

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Entitled to a Title Without Subdivision Consent?

Created: Friday, 02 December 2016 16:26

We are aware of a number of instances where interests in camping grounds and other areas have been sold with a “title” based on a licence to occupy a specified portion of land as shown on a plan secured by an encumbrance and a share in the land as a tenant in common with other owners, or similar arrangements.

In the recent decision of Re Spark New Zealand Trading Ltd (“Spark”) involving the sale of land under an agreement for sale and purchase (“the agreement”) where covenants were attached to the agreement, two judges of the Environment Court had to decide whether the agreement, together with the proposed transfer of a share in the land as tenant in common, constituted a sub-division of the land.

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