Taxation and Accounting » TCA

By: Tca  05-Apr-2012

  • monitoring taxation and accounting proposals,
  • reviewing new bills and press statements, and
  • advising the Executive Committee on any taxation and accounting matters that may affect the Trustee Corporations.

Due to the nature of Trustee Corporations, managed funds, unit trusts and personal trust issues including estates, wills and family trusts are of specific importance.

As part of their role the Taxation and Accounting Committee will make submissions on proposed bills that may affect the activities of and services offered by Trustee Corporations.

When considering submissions for various tax and accounting bills the Taxation and Accounting Committee will liaise with other industry groups to ensure consistency in relevant areas.  These groups include Investment Savings and Insurance Association (ISI), Financial Services Federation, Association of Superannuation Funds in NZ, Workplace Savings and NZ Bankers Association.

Committee meetings are held at least quarterly to ensure all relevant taxation and accounting proposals, new bills and press statements are fully considered and to ensure the committee’s objectives are met.

The Taxation and Accounting Committee maintains a close relationship with the Inland Revenue Department.  This ensures that Trustee Corporation specific issues are promoted and that IRD understand the impact on taxation changes to Trustee Corporations Association members and their clients.

Other products and services from Tca


Personal Services » TCA

The Trustee has a duty and responsibility to manage the assets of the trust in accordance with the terms of the trust deed and is accountable to the beneficiaries and to the courts for the execution of those duties. By appointing a Trustee Ccompany to write a will and to act as Executor, people can be confident their wishes will be carried out by professionals with all the necessary legal and financial experience.


The Role of Trustees » TCA

Organisations seeking funds from the public must have a trust deed which establishes the processes, parameters and legality of their operations and their responsibilities to those they are borrowing from. Examples include retirement villages and many personal services ranging from family trusts to estate planning and management. They must also have a Trustee, which has the role of ensuring these defined responsibilities are met.


Corporate Trustee Services » TCA

It is most significant that TCA members, who have long had statutory rights to conduct Corporate Trustee services, are voluntarily giving these rights up in favor of the new licensing regime in the interests of being seen to be performing their Corporate Trustee responsibilities fully, professionally and transparently.


Back Office Services » TCA

The Unit Trusts Act 1960 requires that the assets of unit trusts must be vested in the name of the Trustee or its appointed nominee. The Registry team will send Mrs Smith an acknowledgement saying she is the owner of x number of units in the fund. Accurate valuation of the units in the fund and the production of financial accounts - Investment Accounting.