The truth behind the $640,000 profit in Otara

 The truth behind the $640,000 profit in Otara 
 
Well, our client has really stirred up the chat on the news sites last week. 
 
We get it. On the face of it, a $640,000 gross profit in four months seems like an example of wild speculation in a market gone crazy. 
 
But that is not so. Our clients don't speculate. In fact, we loathe speculation. 
 
This client, who we'll call 'Client-J' was not reliant on the market increasing to make a substantial profit from this deal. She calculated it based on knowing the market, knowing how the pieces worked, and being able to see what others couldn't. 
 
The deal had its challenges too, it wasn't all plain sailing, but look at the result!
 
Here's the OneRoof article in case you haven't seen it: Click here 
 
The point is, this result was achieved because of purposeful strategy, not luck or hope. 
 
And look at who the three bidders were:...
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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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