- 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.