Geoffrey cone gives a befitting response to foreign trusts feature

Thanks to new banking laws introduced in 2006, foreign trusts in New Zealand are subject to strict rules. Trustees now have to submit records to the Inland Revenue Department (IRD). The Foreign Trust Disclosure Form is one of the key documents required. The IRD also requires the details of the trust, including the trust deed, settlements, and financial records.

Michael Cullen is credited with the new tax rules in this area, which were introduced in 2006. Under the new rules, a New Zealand resident trustee belonging to a foreign trust must submit a Foreign Trust Disclosure form (IR607). Additionally, he or she must keep financial records and other documents for tax purposes.

These comprise of the trust deed, particulars of settlements and distributions (containing the name and address of the recipient), and particulars of assets and liabilities of the trust as well as the funds received and spent by the trustee. If the trust features a business, then the trustee should keep all the accounting records. All these records must be recorded in English and available in New Zealand or else heavy penalties may be imposed. The world standard money laundering legislation that was enacted in 2011 serves to enforce these new rules.

In 1999, he established his practice, the Cone Marshall Limited in New Zealand. The firm gives services on foreign trust, tax planning, succession, and structuring. The company also provides advice on management of trust and trustee through its affiliate company, the New Zealand Trust Corporation. The firm has its location on the Level 3, 18 Stanley Street Parnell 1052 with 11 to 50 employees.

Mr. Cone, however, attributed to the rise of foreign trusts to the safety and stability of the judicial and legal profession structure in the country. “New Zealand has a global reputation for being a safe place to base one’s assets.” Mr. Cone said.

He went ahead to praise trustees in the form of trust lawyers and accountants for maintaining the country’s image in regards to international trusts. Mr. Cone added, “Trustees who handle foreign trusts on behalf of international clients have helped enhance New Zealand’s reputation in the OECD and among taxation experts globally.”

Some of the records to be stored for tax purposes included trust deeds, information on trust assets and liabilities, trustee expenditures as well as account details after every business transaction. In addition, the rule insisted that all the records need to be stored in NZ and must be submitted in English. The law stipulated that failure to follow this rule resulted in hefty penalties.

Stephen Murray Was a Captain of Finance

Stephen Murray is best remembered as the former president, CEO, and founding partner of CCMP Capital. He served as president and CEO of the company until leaving in early 2015 due to health concerns. His storied rise with the company began in 1989 when it was then known as Chase Capital Partners, one of the biggest private equity firms in the world.

Murray was only 52 when his health concerns led to his stepping down as president and CEO of CCMP Capital and he passed away only two months afterward.  Learn more about Stephen Murray CCMP Capital: http://fortune.com/2015/03/13/ex-ccmp-capital-ceo-steve-murray-passes-away/ and http://patch.com/connecticut/stamford/stephen-p-murray-52-financial-executive-stamford-resident-vice-chair-boston-college-board-trustees

Stephen Murray began his career by earning a bachelor’s degree in economics from Boston College then an MBA from Columbia Business School before getting into private equity. He began as a credit trainee with Manufacturers Hanover where he would later become vice-president of lending. When Manufacturers Hanover was acquired by JPMorgan in 2000, Murray was promoted to lead their buyout operations.

Later, as president and CEO of CCMP Capital he would lead the firm in staking out independently from the JPMorgan brand. Murray quickly allayed skepticism of whether the firm would succeed without financial backing from JPMorgan or without its brand recognition. CCMP Capital was able to raise $3.4 billion in its first fundraising campaign outside of JPMorgan with 80% of the funding coming from outside investors.  Read more: CCMP’s Murray dead at 52 and This Old Thing? Private Equity Honcho Drops Little Place Uptown for $11M

Stephen Murray was also active in helping build and improve other businesses as part of CCMP Capital investments, sitting on the board of companies like AMC Entertainment, Cabela’s, Aramark, Crestcom International, Ollie’s Bargain Outlet, and Strongwood Insurance Holdings, among many others.

Additionally, Stephen Murray parlayed his business success into supporting local non-profits like the Stamford Museum and the Food Bank of Lower Fairfield Country through charitable contributions, as well as hosting fundraising events and serving as a chairman for the Make-A-Wish Foundation of Metro New York. He would also give back to his alma mater, Boston College, by serving as its vice-chairman of the board of trustees.