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Attribution vs market salary rules

The introduction of the 39% tax rate for individuals who earn over $180,000 from 1 April 2021 has reignited Inland Revenue’s interest in the income attribution and market salary regimes. These rules currently prevent a person from having income earnt from individual efforts or “personal services” taxed through an associated entity at a lower tax rate. With an 11% difference between the top individual tax rate and the NZ company tax rate, the application of these rules is likely to...

Slip Ups between marketing brochures and signing of agreement

One of the clearly defined and longstanding requirements regarding the sale and purchase of land in New Zealand is that the agreement must be in writing and signed by both the accurate seller and purchaser. When the seller of the land uses a real estate agent to assist with the sale, that agent is the seller’s agent. Under the law of agency, any representation made by the agent is deemed to be on behalf of their seller principal. However, within the...

Trees under the Emissions Trading Scheme (Pre and post 1990)

As climate change issues come more clearly into focus, so do the relevance and effects of the Emissions Trading Scheme. If you are in the Scheme, or are buying or currently own a property that has trees that are affected by the rules and regulations surrounding the Scheme, then you definitely need to be vigilant. There is no doubt that combined assistance is required from your lawyer and accountant alongside the consultants that are at the coalface implementing and administering the...

Family Protection Act claims

The Family Protection Act (“the Act”) is utilised by certain classes of family members who have an issue with the extent of their inheritance; either due to being left out entirely or where they perceive the share received is less than what is reasonable and fair because the deceased has breached their moral duty to that person to adequately provide for their maintenance and support. An application is made to either the Family Court or the High Court. That said, there...

A brief summary of the Fair Pay Agreements Bill

The Fair Pay Agreements Bill has been drafted with the intention of providing a framework for collective bargaining for fair pay agreements across all industries and occupations, rather than just between unions and particular employers. It was introduced on 29 March 2022 and is currently at the Select Committee stage. The Fair Pay Agreements Bill allows for unions and employer associations to set standards for all other employees in an industry. The standards that can be negotiated are base pay rates,...

Legal Aid: What Does it Mean and How Can We Help You?

Bramwell Bate is a proud supplier of legal aid services in both criminal and family law. But what is legal aid, and how can it help you with criminal and family matters? Legal Aid: An Overview Legal aid is a government funded loan that supports individuals who are in need of legal services but may struggle to pay legal fees. It is considered a “loan” of sorts, being that you are expected to repay the Ministry of Justice for your legal fees...

Epidemic Preparedness Notice still in place for commercial leases and mortgages

In May 2020 temporary law changes were made to the Property Law Act 2007 (“the Act”) as part of the COVID-19 Response (Further Management Measures) Legislation Act 2020. These changes related to leases of commercial properties and all residential and commercial mortgages; including mortgages related to goods (e.g. Business assets other than land and buildings). These temporary changes are outlined below. Commercial Leases: the period in s.245(1)(a) and s.245(3)(c) of the Act, which was 10 working days, was extended to 30...

Government Announces Further Changes To CCCFA Regulations

Written by Kelly Henderson The Government has revealed plans to loosen regulations under the Credit Contracts and Consumer Finance Act (CCCFA). These changes are in response to widespread criticism from brokers, borrowers, and budget advisors of the changes made by the Government in December 2021 which required stricter scrutiny of borrower’s financial health, erroneously resulting in borrowers having loan approvals withdrawn and having new loans declined based on the requirements of those regulations. The following amendments are proposed to come into force...