Loomio
Sun 26 Mar 2017 1:52AM

Trust structure

GN Grant Nicholls Public Seen by 331

I have volunteered to help Tina with setting up the trust, and help Mark G and Kerren with buying back 148 Tilley Rd. I have some general questions which may have already been answered.
1. The trust will have to submit a tax return, and if possible manage the activities to minimise any tax liability. Does anyone have a feel for whether we should report the financials of 148 Tilley Rd separately from the rest of the trust’s activities? I can think of advantages in doing so.
2. However if we reported the financials separately, does that mean that we might have to have a separate trust for each?
3. Are these the sorts of questions that Kerry Dalton can answer? I am sorry, I don’t know who Kerry is but I know he is going to help Mark and Kerren.

MG

Mark Galbraith Sun 26 Mar 2017 2:15AM

Hi @grantnicholls Good questions. I think we have to keep the trust financials separate from 148 Tilley Rd. Since we want the trust to be non-profit, combining the two will cause problems. This happened with a housing trust in Queenstown see https://www.odt.co.nz/regions/queenstown-lakes/housing-trust-says-charities-act-needs-rewriting . So the 148 Tilley Rd setup I think will be a limited liability company not a trust. But yes questions like this we could see if Kerry can help with as she has indicated willingness. So I'll confirm tonight a meeting time so we can meet and get some tasks worked out.

JC

justin corbett Sun 26 Mar 2017 7:25AM

thanks Grant,Mark G. is probably best to discuss this with - by the way, Kerry is just one of Kerren's names (also sometimes K. - but only Kaka at home ....and in the Nuba Mountains where it means first born ).
cheers
justin