News and views | Aspiring Law

Can we expect some light at the end of the FBT tunnel?

Fringe Benefit Tax (FBT) has long been a headache for business owners, but proposed changes could bring welcome relief to your compliance burden. The government is considering three key simplifications: a clearer vehicle classification system, exemptions for minor benefits, and streamlined entertainment rules. These changes could significantly reduce the time and effort spent on FBT compliance. With the consultation period open until May 2025, now is your chance to have your say on these proposed changes.

Employment & HR
New Finance Option Available To Facilitate Transition into Retirement Village

A new financing option could make the transition to retirement living easier. The recently introduced 'Village Access Loan' by one of the banks allows homeowners to borrow up to 50% of their retirement village entry cost, using their existing home as security. This three-year bridging finance gives retirees more flexibility in timing their property sale and securing their preferred retirement village. Find out how this differs from reverse equity loans and what it means for you.

Residential property
Family Trusts in blended families: What you need to know

In part one of our series on Trusts, we explore the unique challenges faced by blended families. Picture your family trust as a citadel protecting your hard-won assets - but what happens when new family members enter the picture? Through the story of David and Jane's blended family, we illustrate how seemingly innocent actions can inadvertently create legal claims on trust assets.

Trusts and Life planning Forming a Trust Managing a Trust
Young lawyers at Aspiring Law

We're delighted to welcome two new faces to our Aspiring Law team. Rosa Garcia Knight and Elise Streat bring fresh energy and expertise to our firm and embody our commitment to providing clear, client-focused legal services within our community.
Parents' fiduciary duties to their children: Where do they end?

A recent Supreme Court case, known as the Alphabet Case, tackled the complex question of how far a parent's legal responsibilities extend, particularly when family assets are placed in trusts. The Court confirmed that while parents have special legal duties to their children during childhood, these obligations usually end when children become adults. Find out what this important case means for family trusts and how potential law reforms could affect your estate planning.

Trusts and Life planning
Changes ahead for the rights of retirement village residents

While retirement facilities offer attractive lifestyle options, understanding your legal rights is crucial. Unlike traditional home ownership, retirement village residents don't own their units outright but instead operate under an Occupation Right Agreement (ORA). With the Retirement Villages Act now 24 years old, significant reforms are being proposed to better protect residents' interests. Learn what these proposed changes could mean for current and future residents.

Residential property Trusts and Life planning
Beyond the Employment Agreement: Employing good staff is one thing, but how do you keep them?

While finding talented staff is challenging, retaining them can be even more complex. The good news? You don't need to be a perfect employer - just a fair and reasonable one. Recent Employment Court guidance provides a practical "target" approach to good employment practices, where best practice is the bullseye, but hitting anywhere on the target still counts as fair and reasonable. Learn the golden rules that can transform you into an employer that good employees want to stick with for the long haul.

Employment & HR
Modernising the Companies Act

In August 2024, the government announced that it would progress a package of reforms to the Companies Act 1993 and related legislation. They are designed to address several issues and make New Zealand an easier and safer place to do business.

Business & Commercial