eConnect Newsletter - June 2022

June 8, 2022


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In this issue:

Retentions under the Construction Contracts Act 2002 – Changes are Coming

The loopholes are about to tighten.

Contractors are set to face an increased administrative burden when managing retentions. There will also be significant consequences if the Act is not complied with. This article outlines the changes that are currently being considered by Parliament.

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Trustees: New Disclosures and Mandatory Financial Statements for Trusts this Year

Trustees will need to make disclosures to the IRD and prepare formal financial statements.

Last year, the Inland Revenue Department (IRD) imposed new requirements for disclosures and the preparing of financial statements by trusts. This was done largely to prevent trusts from being used to avoid the new 39% tax rate.

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Buying ‘off the plans’ – Part 2

An ‘off the plans’ agreement will be for a specific house or apartment in a development.

An agreement can include conditions such as the purchaser arranging suitable finance and doing due diligence. If someone is considering purchasing a property ‘off the plans’ they should get a lawyer to review the agreement.

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Removal and Appointment of Trustees who have Lost Capacity

The Act sets out a streamlined process to follow when a trustee loses capacity and needs to be removed and/or replaced.

New Zealand’s trust law had the most significant development in over 60 years when the Trusts Act 2019 (the Act) came into force early last year. The Act serves to clarify and improve the accessibility of trust law. This includes setting out how a trustee who loses the capacity to act is removed and replaced.

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Employer Accreditation Criteria for Work Visas

The recently released criteria for work visas will rule out a number of businesses for accreditation.

Immigration New Zealand’s aim is to incentivise businesses to employ more New Zealanders and only recruit non-New Zealand citizens or residents under the Accredited Employer Work Visa (AEWV) for genuine shortages.

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