Burton Partners

Burton and Co Blog

The latest news in the legal arena, and how it affects you.

New Zealand - Canada Double Tax Agreement

- Tuesday, August 04, 2015

 Read more...

New Zealand tax (nearly) on top

- Friday, November 21, 2014

NEW ZEALAND’S TAX SYSTEM RATED 2ND MOST COMPETITIVE
IN OECD BY THE TAX FOUNDATION
A non-partisan research think tank based in Washington DC, the Tax Foundation, recently conducted a survey to measure the degree to which the 34 OECD countries promoted competitiveness through their tax systems.  In so doing, more than 40 variables across 5 categories were considered.  The 5 categories are:
• corporate taxes;
• consumption taxes;
• property taxes;
• individual taxes; and
• international tax rules.
In studying these 5 variables the Tax Foundation attempted to demonstrate which country fosters the best tax environment for both investment and for developing a business.  The importance of these findings is significant as companies or businesses can and do move from less competitive jurisdictions to more competitive jurisdictions as and when deemed necessary.
Whilst Estonia was ranked as having the most competitive tax system of the countries surveyed, English speaking New Zealand was second ranked.  It was noted that in New Zealand, the top marginal tax rate for individuals is 33%, the corporate tax rate is now 28% and there is a notable absence of inheritance taxes, payroll taxes and the application of a general capital gains tax.
New Zealand continues to work hard to improve its taxation system and is continuing to refine the system.
It is interesting to note that the Tax Foundation ranked France as having the least competitive tax system with the US being ranked as 32nd out of the 34 countries.  A complete report and table can be found on www.taxfoundation.org/article/2004-ir.
Anyone thinking of establishing a business or a subsidiary of a business in New Zealand should contact Jeremy Carr – [email protected].  Read more...

Director requirements finalised

- Tuesday, September 02, 2014

ON THE GROUND DIRECTOR REQUIREMENTS FINALISED  Read more...

Update for directors - health and safety issues

- Wednesday, February 12, 2014

There are four new Bills before the New Zealand Parliament which will be passed in the next 24 months.  All of them have the effect of increasing exposure of directors to legal risk. The Health and Safety Employment Regime (HSE), with a likely commencement date in 2015, has particular importance for organisations which have a number of hazards and risks in the work place. Read more...

Welcome news in respect of lapsing subdivision consents

- Wednesday, August 28, 2013

The Environment Court has recently lent a helping hand to developers faced with a lapsing subdivision consent where the subdivision plan has been approved by Council. Read more...

Government reviews development contributions

- Friday, August 16, 2013

The impact of development contributions on the feasibility or otherwise of projects has long been a source of contention and concern for our developer clients.  It is often unclear how these charges are calculated, with little ability to challenge the reasonableness of the contribution.  There also seems to be huge inconsistency between Councils in relation to both the quantum and underlying basis for these fees, making them difficult to budget for in the early planning stages of a development. Read more...

Foreign Trusts in New Zealand

- Friday, December 14, 2012
  • An aid to asset protection and succession planning.
  • Flexibility.
  • The confidential nature of a trust.
  • The fact that New Zealand is a stable, onshore, whitelisted jurisdiction and is not regarded as a tax haven.
  • The limited reporting requirements and compliance obligations.
  • No tax being payable to the New Zealand Inland Revenue Department on foreign earned income.
  • To qualify as a New Zealand foreign trust the trust must comply with all four of the following requirements:
  • The settlor who transfers property to the New Zealand foreign trust must be a non New Zealand resident.
  • The trustee must hold the property of the trust for nonresident beneficiaries.
  • The trust’s income must be sourced from businesses and/or investments which are not in New Zealand.
  • The trust is required to have a New Zealand resident trustee (which can be a company or in certain specified cases an individual).
  •  Read more...

Update to ADLS lease form

- Monday, November 05, 2012

The 6th edition of the ADLS deed of lease was released today. It contains a raft of improvements and amendments whilst maintaining the structure of the lease which is familiar to so many of us and widely accepted in the marketplace.   Read more...

Crafar Farms and the Overseas Investment Office - here we go again?

- Wednesday, September 12, 2012

It seems that Shanghai Pengxin's application to buy the Crafar farms may be heading all the way to the Supreme Court.  Two of the trusts within the consortium orginally led by Michael Fay are reported to have recently filed a further challenge with the Supreme Court funded by an undisclosed financial backer.   Read more...

Earthquake strengthening and insurance premiums

- Wednesday, September 05, 2012

Further to our earlier comments in relation to earthquake prone buildings the market is now seeing the practical commercial fallout from the increasing focus on earthquake prone buildings. Read more...