Important: Trusts Update from Monteck Carter Accountants

Original article HERE

What Trustees need to know

The legislation

The new Trust Act modernises trust law and makes significant changes to the way trusts are currently administered in New Zealand. The Act aims to update trust law and make the law accessible to all (not just lawyers). The Act will come into force on 30 January 2021, and will then apply to all existing written trusts, as well as any new written trusts established. It could also apply to statutory trusts or other types of non-express trusts (such as constructive or equitable trusts) if the Court decides that the Act should apply.

Why the change?

The quality of governance and administration of trusts is often well below the standards of other countries. This new law will be targeted towards those that are poorly governed, but it will result in a higher level of scrutiny on all trusts.

Your obligation as a Trustee

From 2021 your duties will be broken down into two types, Mandatory and Default.

Mandatory trustee duties...

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From the frontlines: End of week report for week ending July 31 2020

 
 
The market overall in most centres is extremely strong (we would use the term 'red hot' but it's a bit emotive ) and we are seeing crazy levels of activity!
 
Our clients in Wellington, Christchurch, Whangarei, Tauranga, Hamilton, Dunedin, Hawkes Bay, Palmy, are all reporting the same things, massive interest levels from home-buyers and very strong investment demand as well.
 
At our meeting in Manukau this week with our Advanced Results Team, the owner of the largest Real Estate franchise in South Auckland and several agents from his office ran us through the activity and sales results as we do most weeks, and they are as strong as we've ever seen in over 20 years of investing.
 
Auction rooms so full that 40+ people had to stand outside (see the photo, crikey ), multiple-offer situations on almost everything within a day or two of listing, some with 10+ offers! Agents desperate for stock and not enough coming to market to even closely...
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Select Committee green lights tenancy law reforms

Original Article HERE

Extreme disappointment is the response of property professionals to the Select Committee report on the Government’s proposed tenancy law reforms which was released this week.

Friday, July 10th 2020, 4:58AM 

by Miriam Bell

NZPIF president Andrew King

That’s because the Social Services and Community Select Committee has elected to progress the proposal to remove a landlord’s right to use “no cause” 90-day terminations to end a periodic tenancy agreement.

It has also given the green light to the proposal which requires that fixed-term tenancy agreements become periodic tenancy agreements upon expiry unless both parties agree otherwise.

These particular reforms have been fiercely opposed by property professionals across the board since the Government announced the reforms contained in its Residential Tenancies Amendment Bill.

Property professionals say the reforms skew the balance between investment property owners and...

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Four property investment myths that might stop you succeeding: Graeme Fowler

Original STUFF article here

OPINION: I’ve been an investor for more than 30 years now and house prices are something I’ve never been interested in, or paid much attention to.

I’ve never thought “should I buy now?” because I just read a headline to say that prices in my area are soaring.

So many people ask me: “What do you think the market is going to do?”

My answer for the last 30 years has been fairly consistent: I don’t know. I don’t care. Hopefully prices will drop. Why does it concern you? If you did know what was going to happen, what would you do and why?

 

The idea that you can predict what house prices will do at any point in the “cycle” is one of the myths that catches property investors out.

Here are a few others.

Myth Number One.

Generally, investors think that the big cities such as Auckland, Wellington, Hamilton and Christchurch will be better to invest in because they falsely believe that...

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Students to earn NCEA credits through money education

This looks like a step in the right direction! 

I hope many schools adopt it into their curriculum's and run with it.

It’ll be sanitized to the extreme but it’s a start at least and if the kids can leave school knowing ANYTHING about money, they’ll be a hell of a long way ahead of me!

Very cool.

Original article HERE

 

High school students will now be able to gain NCEA credits by learning about money.

The Commission for Financial Capability (CFFC) has launched the new resources through the Sorted In Schools free financial capability programme on Tuesday.

The resources are aligned with unit standards and have NZQA accreditation allowing students to gain credits in level 1 and 2, and merit and excellence endorsements.

It is also available in te reo Māori for teaching in kura and Te Reo classes.

Students will learn about money management, saving, debt, goal setting, insurance, investing, KiwiSaver and retirement.

Director of learning Nick Thomson says the...

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The Absolute Absurdity of Paying any attention to House Prices or what’s in the news (June 2020) by Graeme Fowler

New article by Graeme Fowler below team.

As always, well worth the read.

You’ll recognise many of the alignments in messages in this to what we constantly bombard you with, particularly ‘if it makes sense now, buy it now’, and his love and trust for the media and commentators.

Enjoy! 

The Absolute Absurdity of Paying any attention to House Prices or what’s in the news (June 2020).

Here are a few headlines from various news articles, most of them over the past year or two.

1. Rotorua house prices up more than 25%

2. Rotorua - House sellers cash in, making median $200k as capital gains reach record

3. Tight Hamilton housing market pushes property values up

4. Hamilton’s house prices keep rocketing up

5. Fierce competition for Hamilton homes means prices likely to rise

6. Asking prices for Waikato homes increases 74% in five years

7. Waikato’s median house price climbs $60,000 in a year

8. Tauranga out-ranks Auckland as NZ’s most...

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Is Property Investment in NZ During COVID-19 a Good Idea?

Original article from Mortgage Supply Company HERE

Blog Hero Image_ Property Investment Post Covid-19

Property investment in New Zealand has proven over time to be an incredibly lucrative strategy for investors, with the growth of the housing market and the increase in demand for residential property. In fact, last year the nationwide median house price soared by 12.3% to NZ$629,000, according to the Real Estate Institute of New Zealand (REINZ). That's a tidy increase in value from the previous year’s rise of 1.8%.

However, since COVID-19 hit New Zealand in March this year, the property market has been an ever-evolving and changing industry, raising the question with investors: Is property investment in New Zealand During COVID-19 a good idea?

We've taken a look at the statistics and reached out to some of the country's property investment industry leaders; Phil Thompson, Co-Founder of Property Education Company Asset Lab and Nick Gentle, Operations and Co-Owner of iFindProperty, to get an...

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Finance Update from David Windler at Mortgage Supply Company

Check out the legendary David Windler giving a market update in this ever-changing finance environment! 

Here's all the good oil. 

 

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