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June 2020

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How does the Trusts Act 2019 Affect my Trust?

The new Trusts Act comes into effect from 30 January 2021 and will have a significant impact on trustee obligations and the administration of trusts.  Is your trust fit for purpose and are you aware of your obligations as a trustee?

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New Tax Bill Introduced

A new tax omnibus bill was introduced on 4 June 2020: The Taxation (Annual Rates for 2020-21, Feasibility Expenditure, and Remedial Matters) Bill. 

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Bad Debts

IRD have extended the time for writing off bad debts to 30 June 2020 although the concession is not as generous as you might think.

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Wage Subsidy

Click here for comments on the vagaries of the Covid-19 wage subsidy scheme and for an update on recent discussions with IRD and the Ministry of Social Development.