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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
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Experience:  32 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Ive received a letter regarding income tax". . .we are owners

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I've received a letter regarding income tax". . .we are owners of a farm which is under a joint venture with OPAC kiwifruit. . . no income tax has been paid since this venture, as there was no formal entity established by the landowners. The land was Maori land owned by 5 people but was changed to General Title a few years ago.

The lawyers of the OPAC now want to discuss on how to deal with the land and to discuss the tax and other issues. At the moment the cousin who is running the kiwifruit is the major shareholder, we have a Whanau Trust (with Trustees), and one other cousin who are owners as per the Title. . . hope this is clear - your help would be appreciated
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.

christhelawyer : HiWelcome to JustAnswer. My first response will follow shortly. Please feel free to follow up if anything is not clear
christhelawyer : If you are making a profit then tax returns need to be filed. You may also need to look at GST as well. This would be a joint venture which would still need to sort out whether there is a profit and tax resulting from this. The legal entity which runs this venture would be a joint venture which is a bit like a partnership.
christhelawyer : you may not have the best structure for the venture, and you may need to take advice from your own lawyers to ensure you are not caught by surprise with tax or other obligations.
christhelawyer : Certainly listen to the lawyers at the meeting, but be careful to take your own advice.
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 18988
Experience: 32 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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