Better Business
Issue Forty One
This month:
A Review of the Trust Law in New Zealand
ACC online
Did you know?
A Review of the Trust Law in New Zealand
The Law Commission has just released the first in a series of papers that aim to review and modernise the law of trust.
In that paper, the Commission first points out that the current legislation (the Trustee Act 1956) has been neglected and that there are concerns about its usefulness and outdated language.
Following on from that, the present law does not have enough mandatory provisions. For example, it is not unusual for a trust deed to include clauses exempting trustees for breaches of trust. The Commission sees a rewrite of the legislation as helping to clarify certain basic obligations that must be adhered to.
Even though the Act is called the "Trustee Act", it contains only one statement about the standard expected of trustees. The new legislation will spell out the duties and powers of trustees, as well as beneficiaries' rights.
It will be a while before the likely changes become clear.
ACC Online
We are currently in the process of setting up an ACC online service in order to act as your ACC online agent. Being your ACC online agent will give us secure online access to your invoices. This will allow us to work with ACC on your behalf and ensure all ACC related matters are being handled correctly.
More information will follow in due course regarding this matter.
Did you know?
Did you know according to the new Global Peace Index (GPI), New Zealand tops the list of countries that are the safest in the world.
Did you know according to the IFC and World Bank, among 183 economies, New Zealand is in the top 3 for ease of doing business for local firms.
Disclaimer Information contained within this document is of a general nature and does not constitute advice. Readers are cautioned not to act or reply on it without first seeking professional advice. The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
