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What changes will affect my business?

accelerateonline • Jul 03, 2018

#1 Extending perpetuity laws

At the moment, when you set up a family trust, it has a time limit of 80 years. Then you have to wrap it up and distribute the assets. The new legislation suggests extending it to 125 years, which may involve significant succession planning adjustments.

#2 More information access for beneficiaries

In its draft form, the Trusts Bill proposes to give most trust beneficiaries the legal right to financial reports on the state of the family trust – meaning they’ll be able to request more information including ‘who’s getting what’. Whether beneficiaries have the right to request this information under our current law is a bit of a grey area.

Because this potentially opens a can of worms for trustees, this proposal has been controversial and has attracted a lot of feedback from trust advisers. We will have to wait until later in the year to see what changes (if any) are made to this proposal.

Accelerate December 2023

By Withers Admin • 04 Dec, 2023
Accelerate - December 2023

Accelerate August 2023

By Withers Admin • 04 Dec, 2023
Accelerate August 2023 

Livestock Special Alert 2023

By accelerateonline • 12 Jun, 2023
Inland Revenue have recently announced this year’s livestock Herd Scheme Values and we think this is a great opportunity to update you on the latest movements. The Herd Scheme Values are the National Average Market Values, determined by a process involving a review of the livestock market as at 30 April.

Livestock Special Alert 2023: Dairy Cattle

By accelerateonline • 12 Jun, 2023
The values for Dairy this year have seen a fall in values across all female classes, but increases across all male classes. The fall in R1 heifer values can be attributed to the prohibition of live export by sea commencing from 30 April 2023. For the first time the National Average Market Value for R1 Heifers is less than the National Standard Cost of breeding and rearing an R1 Heifer.

Livestock Special Alert 2023: Beef

By accelerateonline • 12 Jun, 2023
In contrast to Dairy values Beef values have increased on average 9% and are almost at record values for all classes.

Livestock Special Alert 2023: Sheep

By accelerateonline • 12 Jun, 2023
Sheep values have all fallen from the high of 2022, slipping back an average of 10.2%. Whilst values have fallen, they are still either the second or third highest that they have ever been depending on which class of sheep you are looking at.

Livestock Special Alert 2023: Goats

By accelerateonline • 12 Jun, 2023
Goat values have increased on average 7.8% with almost all classes of fibre and meat producing goats at record highs. The value of milking goats continues to be well down from historic highs, except for breeding bucks which are at their highest value.

Accelerate Budget Special Alert 2023

By accelerateonline • 21 May, 2023
Like the rest of the world, New Zealand has reeled from the aftermath of Covid, rising inflation and interest rates, and the cost-of-living crisis. This year we also have a massive storm damage repair bill.

Tax

By accelerateonline • 21 May, 2023
Any tax cuts, or changes to the tax thresholds were vetoed in Budget 2023 as this was viewed as worsening inflation.

Infrastructure

By accelerateonline • 21 May, 2023
Budget 2023 builds on the $889m already provided in response to this year’s storms. A further $6b is allocated for a National Resilience Plan , for rebuilding after weather events. $71b is committed to new and existing infrastructure projects: not only storm damaged communications, power and roading, but schools, hospitals, public housing, rail and road.
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