I am a Brierley shareholder and purchased my 60,000 shares at $4.00 each (total investment $240,000). The shares held by me are on capital account and are currently trading at 45c each (current value $27,000). I have heard that I may have to account for any subsequent capital gain in the shares now that Brierley is a foreign company. Furthermore, I understand that I will not be able to obtain a deduction for the difference in the purchase price and the current market value of the shares. Is this correct? ANSWER
My client is a New Zealand resident investor in an Australian technology investment fund. The fund is listed on the Australian Stock Exchange and is set up as a limited liability trust. My client receives regular investment statements from the fund which are split into the following categories: dividends; interest; trading gains; investment gains; and foreign exchange gains. Are the investment gains taxable in New Zealand? ANSWER
A client wants to forgive a debt owed by his family trust. The trust is a discretionary one and has a broad range of beneficiaries and the power to vary the trust contained in the deed. I am aware of the recent publicity about “natural love and affection” and forgiveness of debt but do not know the details. What is the current position? ANSWER
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