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.

A Few Facts You Should Know About Brenda Wardle

Very few South African court cases have managed to get the kind of media attention that the Oscar Pistorius case did in 2014. The case managed to create and attract a lot of controversies as well. The judge delivered a verdict that Oscar was not guilty of murder but guilty of homicide and reckless weapon handling. The defendant received a sentence of a maximum of five years and a concurrent three years suspended sentence or the separate reckless gun handling conviction.

The reason the case managed to attract a lot of media attention was precisely because of both Oscar and his late model girlfriend’s (whom he had shot dead and the reason the trial was happening) public statuses. Before the incident, the couple was the envy of many young people around the world. In February of the same year, Steenkamp (the model’s girlfriend’s name) was shot dead by Oscar in his Pretoria home. In his argument, Oscar was saying that he shot her mistaking her for an intruder. After the incident, he was arrested and formally charged with murder.

The High Court in Pretoria had also rules that only selected parts of the trial could be broadcast on television. However, it allowed the entire trial proceedings to be recorded in audio format. Only the closing and opening ceremonies, testimonies of consenting witnesses, judgement and sentencing were allowed for video recording.

Brenda Wardle is a South African global renowned legal analyst. In her career, she has been able to produce analysis for top global and South African court cases. During the Oscar Pistorius case, she was a regular analyst both in the local and global platforms.

Wardle has three law degrees and is currently registered for a Doctors of Laws degree with the University of South Africa. She has also published very many articles in the South African Law Journal which have been read widely. She has appeared in numerous prime-time television interviews being interviewed by the creme de la creme in legal affairs.

Brenda has been very actively involved in writing that is not also limited to law journals and newspapers. She has in the past also written content that has been embraced and used by the South African procurement sector. She has a gift when it comes to analyzing law matters and has written a book on the Pistorius case that was and is being received by many very warmly.

Wardle discusses Pistorius Case