Wacky business ideas

Ever dreamt of being your own boss? Well, millions of people have turned that dream into a reality and some even claim it’s easy! Recent studies conducted by the Global Entrepreneurship Monitor reveal that 40% of respondents thought starting a business was easy and 46% thought there were plenty of opportunities to start a business. Based on some of the strange, yet successful, business ideas out there, they might just be right.
 
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Is a Trust beneficiary also a settlor?

Family Trusts are used widely in New Zealand; often being viewed as beneficial for asset protection and to keep assets in the family for future generations. A reason for their popularity has been the relative simplicity of the legal and tax regime. However, the rules are evolving. In addition to the widely publicised re-write of the Trust Act, Inland Revenue (IRD) has issued a recent clarification in relation to whom is classified as ‘settlor’ of a Trust. The settlor is generally the individual that transfers assets into the trust.
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Generation Z – our future workforce

The rise of Generation Z (‘Gen Z’) is imminent in today’s workforce. Comprised of those born between mid-1990s and early-2000s, Gen Z has grown up in a world with technology at their fingertips. Common traits include: confidence, desire to succeed, thriving on recognition, being adaptable and tech-savvy. However, their most valuable aspect is they represent an organisation’s future.
 
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Court case – tax avoidance arrangement

Two recent (connected) cases at the Taxation Review Authority (TRA) demonstrate that unnecessarily complex transactions can raise a red flag for IRD.
 
Both cases related to a taxpayer referred to as Mr Brown, who acquired a 2/3 interest in a joint venture known as the NPN Partnership (NPN) back in 1981. NPN held several residential property investments, of which a 2/3 share was transferred into one of Mr Brown’s family trusts. 
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Corporate governance for small businesses

Good corporate governance is often viewed as important for large companies with an established board of directors. However, the principles that underpin good corporate governance can benefit any organisation, irrespective of size. 
 
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School donations

 

The Budget has provided, from the beginning of the 2020 school year, an entitlement of $150 per student per year if the school agrees to stop requesting donations from parents. This funding applies only to decile 1-7 State and State-integrated schools.

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Attn: Landlords/ladies

 

From 12 December 2018 tenants can no longer be charged letting fees.

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