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Trusts have been a popular vehicle utilised by clients for personal and business reasons for aeons. Consequently, accountants are well-versed in accounting for trusts. The business of acting as a trustee, however, has become more complex and time-consuming over time. Accountants who act as independent trustees in their clients trust are especially mindful of this.
Recent legislation, that being the Trusts Act 2019, has made being a trustee easier in one respect as the Act spells out in black and white the duties a trustee must adhere to. At the same time, the Act has provided beneficiaries with clear enforceable rights making it much simpler than before to hold trustees to account. This is particularly so with respect to the administration and investment of a trust fund.
Legislative obligations don’t just stop with the Trusts Act 2019 either. Recent amendments made to the Income Tax Act 2007 and the introduction of the disclosure rules under the Tax Administration Act 1994 have increased the compliance regime trustees must satisfy.
Clients are relying more and more on their accountants to help them satisfy their legislative trustee compliance obligations. This reliance has grown with the new legislation introduced. Consequently, accountants work levels have increased as has their risk. This is especially so for accountants who act as independent trustees.
We’re firm believers in using time efficiently, specialising and mitigating risk where possible. Consequently, we advocate accountants maximise their time and employ their skills and core competencies by concentrating on the business of being accountants.
When providing services, we think it sensible business practice to take steps to curtail risk to the greatest extent possible.
We work with accountants throughout New Zealand, helping them satisfy their client’s’ needs. Our knowledge and experience enable us to effectively create, manage and administer trusts.
We can provide one-off assistance, in completing a specific task, or offer full trust administration assistance, ensuring all requirements are met on an annual basis. The services we provide can be tailored to meet both accountants’ and clients’ requirements.
Our services give accountants back much-needed time to meet their client’s’ accounting requirements. Our assistance also reduces accountants’ risks by having professionals skilled in the field of trusts undertake administration and management functions. Overall, we enlarge accountants client product/service offerings, making them more attractive to clients.
We see the relationship we hold with accountants as holistic and the services we offer as a win-win for both accountants and their clients.
Trust Management + Administration
Trust Management + Administration
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