Edmonds Judd

trust tax implications

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Many trusts may require registration with the United States’ IRS under the FATCA regime

The US Foreign Account Tax Compliance Act (FATCA) has been in force in New Zealand since June 2014. FATCA is a complex piece of legislation established to prevent tax evasion by requiring foreign financial institutions to register and report to the IRS in relation to any accounts held on behalf of US citizens.

All New Zealand entities considered to be ‘foreign financial institutions’ under the FATCA regime should have been registered on the IRS website by 31 December 2014. Continue reading

In the last week you may have read some articles in the media about the Court of Appeal decision on a tax case involving two surgeons’ trading structures. In this document we provide some commentary on this, and provide a practical response. There is no word yet on whether there will be an appeal to the Supreme Court.

If you would like to talk with us about any issues relating to business structures and tax, please do not hesitate to contact us.

The latest Trust eSpeaking – hot off the press

Trust eSpeaking

In this issue:

  • Division of Trust Assets on Separation: Family Proceedings Act can apply
  • What Type of Trust do you Have? Important tax implications
  • Advisory Trustees: all care and not the responsibility

The next issue of Trust eSpeaking will be published in September.