WE’RE THE BUSINESS ACCOUNTING EXPERTS THAT YOU CAN TRUST.

In our experience, business owners don’t often realise the possibilities when it comes to a rental investment. Questions often asked include:

• Should you have your rental in a Trust?
• What’s an LTC?
• What can I claim?

Our job is to help you navigate through all these questions and to make sure all your bases are covered when it comes to working with the IRD around establishing a trust.

Our fee for peace of mind starts at $575 (tax deductible) including GST.

Make an appointment now to get advice and a quote.

SETTING UP A TRUST

A trust is the legal relationship created when the settlor places assets under the control of the trustee, for the benefit of another person or other people (the beneficiaries) or for a specific purpose.

The assets transferred to the trustees become their property, but they hold the assets on trust for the beneficiaries. The trustees are therefore the nominal owners of the property, but they have a legal obligation to deal with the property in the manner set out in the deed.

It is common that there is more than one trustee and more than one settlor of a trust.

‘FIXED’ AND ‘DISCRETIONARY’ TRUSTS

Fixed (non discretionary) trusts – with this type of trust, the number of beneficiaries and their relative shares are fixed from the outset. For example, a trust might be established for a child with a disability to ensure that the child will be properly cared for in the unfortunate event of the death of a parent or guardian.

Discretionary trusts – with this trust, the trust deed gives the trustees a discretion about matters such as who may be a beneficiary and what each beneficiary’s share will be. These are more common than fixed trusts.

Note that a particular trust deed might create both a fixed trust and a discretionary trust.

GETTING PROPER LEGAL ADVICE

Trusts have become an increasingly popular way of structuring one’s affairs. It is important for those intending to use a trust to be clear on the legal relationships and obligations involved.

You should obtain legal advice before setting up a trust. Your lawyer will assist you with, in particular, drawing up the principal document creating the trust, which is called the ‘trust deed’.

THE ESSENTIAL REQUIREMENTS OF A TRUST

Introduction:
A trust must have the following essential elements:

• a settlor (the person who creates the trust)
• the assets to put into the trust
• a trust deed (the legal document setting up the trust)
• one or more trustees (those in charge of administering the trust)
• beneficiaries

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We have various plans, including ‘Streamline’ – our monthly fixed price fee, which will help you avoid surprise accounting fees and penalties for late tax returns.

Make an appointment with us now to get a quote for our Streamline service.

Because you are often working with other people’s money, not for profit accounting is a specialist area that requires you to get it right.

We have access to software that can help your organisation and provide insight and knowledge to ensure you get it correct.

Make an appointment with us now to see how we can be of help.

Contractors and orchardists operate in a regulated environment that is closely scrutinised by the IRD and those responsible for enforcing the labour laws, meaning having agricultural accounting expertise is vitally important.

ATAXZ are here to help you work through all of the pressures that come from dealing with the IRD and to help you with online solutions to lessen the paperwork.

We have various plans, including ‘Streamline’ – our monthly fixed price fee, which will help you avoid surprise accounting fees and penalties for late tax returns.

Make an appointment with us now to get a quote for our Streamline service.

ATAXZ are specialised trade industry accounting consultants, here to help you work through all of the pressures that come from dealing with the IRD. GST, PAYE, FBT provisional tax and the raft of regulations from the IRD can create endless hours spent on paperwork – that we want to help you minimise.

We have various plans, including ‘Streamline’ – our monthly fixed price fee, which will help you avoid surprise accounting fees and penalties for late tax returns.

Make an appointment with us now to get a quote for our Streamline service.