New Rules for Trust Compliance

Trust

New Rules for Trust Compliance

In March 2022 new legislation was enacted that has dramatically changed the disclosure rules for Trusts – far more information is required to be shared each year than what the Trust Act 2019 changes brought in a couple of years ago. This includes shifts in value that don’t involve a tax consequence.

Charitable and non-active trusts are exempt, from the new rules since they don’t need to file Trust tax returns.

We are sharing more information about these changes and how you as Trustee might be affected in the webinar below. This webinar will be available for you to watch and ask questions live or you can listen to it in your own time if you register, we will send you a link of the recording.

Register for our webinar on Trust Compliance

Monday 16 May

12pm – 12.30pm

Coffee

Coping with the skyrocketing cost of living

Whether it’s refilling your petrol tank or paying at the supermarket checkout, the higher cost of living is hitting every household hard.

Across the world, everyday essentials are surging in price, up 7.2% year on year across the OECD. Unfortunately, experts predict that prices will keep rising for at least the rest of the year.

In our economy there are serious shortages in many construction sectors with materials having to be ordered months in advance, there are shortages in people who want to work – and there are rising interest rates and rising prices What can you do to keep up with the increasing cost of living?

Here are our 12 top tips:

Look for ways to earn more

  • Grow your business’s profitability (talk to us about improving your profits) or ask for a pay rise.
  • Take in a boarder or flatmate.
  • Sell your unwanted items online.

Cut back where you can

  • Prepare more meals at home and spend less at cafés and restaurants.
  • Create a budget and keep your spending under control.
  • Reduce the amount of meat you buy.
  • Find ways to use your car less.
  • Cancel your credit cards and your buy now pay later accounts.
  • Review all your ongoing expenses like utilities, insurance and subscriptions – cancel, switch providers or get better deals.

Invest in your future

  • Think about investing in ways that are likely to outperform inflation – both shares and the property market have historically provided returns higher than inflation.
  • Start a new business, launch a new product or service, or try a side hustle.
  • Teach yourself about money and finances using free tools online and books from the library. Better money management will help you make the most of what you’ve got.

If prices rise by 7% this year, it won’t be easy to increase your income by the same amount. But if you can increase your income by 5%, then make up the rest through savings, while also investing for the future, you can still come out on top once inflation settles down and prices stabilise.

We offer a complimentary client review meeting approx 45 mins long with our clients every year.   If you have not met with us in person this year yet – you are welcome to book in this meeting with us.   Please send us an email and request a meeting and we can discuss what your best options from the tips above or from others you have thought of to manage your financial situation better.   It is far better to get help while you are still driving on the road and still have a solvent business, than it is if you have already fallen off the cliff financially and can’t pay taxes, wage or creditors on time.

 

Want to grow your business? Our Free Resources will Help