SPINAL CORD INJURY FINANCIAL PLANNING - BACI( ON TRACI( A PRECIS OF DO'S, DO NT'S, WHERE HOW AND WHY ANY ASSISTANCE AVAILABLE

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1 SPINAL CORD INJURY FINANCIAL PLANNING - BACI( ON TRACI( Presented by Harold Mcisaac, Chartered Accountant A PRECIS OF DO'S, DO NT'S, WHERE HOW AND WHY ANY ASSISTANCE AVAILABLE

2 FINANCIAL PLANNING FOR THOSE WITH SPINAL INJURY Presented by Harold Mcisaac - C.A., M.N.Z.T.A., A.C.I.S., A.N.Z.I.M., A. I. C.M. with assistance of his staff from AGENCY SUPPORT SERVICES LIMITED For 21 years I have been associated actively with TASC, The Association for Sp inal Concerns (Inc.), a Charitable Trust. During this time TASC has steadily increased its range of services as shown in the booklet on HOW TASC HELPS THE SPINAL INJURED. TASC can now genuinely claim to be a one stop support, backup and information service. Through TASC spinal injured persons have access to a world of experience starting off with the supp ly of Buddies for both the newly injured and ex. spinal unit patients. You are invited to make use of TASe's support. The information in this booklet is a broad guideline to avoid the reader being overwhelmed with detail. Discuss your queries with the TASC staff in their Spi nal Unit Office at 30 Bairds Road, Otara, Auckland. Ph: Or Website: Or mail to: POBox Hunters Corner AUCKLAND 2155

3 FINANCIAL PLANNING Presented by Harold Mcisaac, Chartered Accountant (1) Introduction (2) Establishing your income - ACC entitlements:- ACC covers what:- - Weekly compensation - Independence allowance - Travel costs - Advocacy grant scheme - Mcisaac Caregiving Summary Brochure (3) Budgeting - use of budgeting services (4) Bank accounts:- - use of multiple accounts - holidays rainy day fund - who has withdrawal authority - groceries and other provisions - Eftpos - Credit cards and debit cards (ANZ pamphlet) - Cash Reserves (5) Lump sums (Sa) Use of Family Trust (5) Caregiver remuneration - direct payment - use of agency - managed scheme (7) Respite periods (8) Out of home travel - local - overseas (9) Taxation -IRS5 Taxpayers (10) Advocates (11) General - recommended rea ding - Back on Tra ck Order Form (12) Robert Mcisaac Charitable Trust Brochure

4 ' iii. 4 Our Commitment~ Agency Aims r lcisaac Caregiving Agency places its emphasis on quality care to achieve as far as possible the maximum quality of life and independence for its clients. Accredited by IANZ, I'/e have been assessed and registered as meeting the requireme nts of standards for Home Community Support section NZ58158:2003,.'.. \. :.,, '. Incorporating /.IeIsaac & Associates lase Agency Limited Contracted to ACe for supply of home based services What We Do Under contract to ACC, we provide caregiving services for dual diagnosis of sp inal concerns and traumatic brain injury. We manage the day to day problems arising from the injuries and associated problems with drugs etc that may be exacerbated as a resu lt of our clients cbndition. lncorporating!-\elsaac & Associates lase Agency limited L.. --.:C;.';o::: ":: ".::: " :!' :;:; ed to ACC for supply of home based services

5 Am I covered? Page I of3 Home Making a Claim Am I covered? Everyone in New Zealand has 24-hour, scven-day-a-week, no-fault comprehensive injury cover through ACC. Find out what is and isn't covered, and what happens if you injure yourself while travelling overseas or visiting New Zealand. On this page Eligibility for injury cover for even'one in New Zealand What injuries am I covered for? Information about DePuy ASR hip implants Whal doesn'l ACC cover? What about injuries that calise death? What if} am a visitor to New Zealand? What if I am a New Zealander travelling overseas? To claim for injuries covered by ACe, see How do I make a claim? Eligibility fot' injury cover fot' everyone in New Zealand Everyone in New Zealand is eligible for comprehensive injury cover: 110 matter what you're doing or where YOll are when you're injured - driving, playing sport, at home, at work. no matter how the injury happened, even if you did something yourself to contribute to it. no matter what age you are or whether you're working -you might be retired, a child, on a benefit or studying. Wbat injul'ies am I covered for? Wounds, lacerations, sprains, strains, fractures, dislocations and work~related injuries such as hearing loss may all be covered. Most physical injuries are covered if they're caused by: an accident a condition that comes on gradually because of your work (gradual process) medical treatment sexual assault or abuse There is a specific defmition of 'injury' in the Accident Compensation (AC) Act 2001, which is the law thal ACe must apply when considering applications for claims and assistance. ACC has to be satisfied that you have suffered a personal injury, which can mean any of: physical injury mental injury suffered due to physical injury mental ittimy caused by certain criminal acts (Listed under Schedule 3 of the Accident Compensation Act 200 I ) damage (other than wear or tear) to dentures or nrostheses that replace part of the human body death due to a physical injury. To claim for injuries covered by ACe, see How do I make a claim? Definition of physical injul'y Physical injuries can include: wounds, lacerations, contusions burns sprains and strains fractures, amputations or dislocations damage to dentures or prostheses /2012

6 Am I,covered? Page 200 work-related gradual process injuries, such as tendonitis, and deafness callsed by noise at,york infections or diseases caused at work by performing a particular task or being exposed to a particular environment (this excludes any conditions you may have had since birth) blindness poisoning choking loss of consciousness a foreign body in the eye. ACC considers that a physical injury has not occurred unless there is actual damage to the body from the injury. Neither is a diagnosis of pain sufficient to establish there has been a physical injury; an actual diagnosis of the injury is required. When you visit your doctor, dentist, physiotherapist or other treatment provider, they will tell you if you may be covered by ACe for the injury. If there arc any doubts, you should contact ACe as soon as possible. See Contact ACC Claims for our contact infonnation. BeCAuse no two injuries arc the SAme, the type of Assistance ACC is able to offer varies depending on individual circumstances. It is important to talk to us to confirm if you Are eligible for particular sen,ices. To claim for injuries covered by ACe, see How do I make a claim? InfOiomatioll about DePuy ASR hip implants If you have had a DePuy ARS hip implant fitted and are concerned about a physical injury as a consequence oflhat device, then seek advice from your GP or surgeon in the first instance. The failure of an implant could be covered by ACe as a treatment injury if that failure has caused a physical iluury. In some circuiustances, ACC will accept these claims; in others, the claim wilt be declined as not mccting the criteria for cover by ACC. If ACe accepts the treatmcnt injury claim. then your surgical specialist could submit a request for ACe funding of surgery to get the implant taken out and replaced. While the manufacturer has made a decision to recall the implants, that doesn't mean every implant nceds to be removed. As ACe understands the situation, most of these implants should not fail and patients will be better off if they doll't have to undergo further surgery. Any ACe claim would be handled on your bchalfby your GP or surgeon. What doesn't ACC cove.o? Ace does not cover: illness stress, hurt fcelings, loss of eluoyment or other emotional issues (these may be covered if these arc the direct result of a physical injury or sexual abuse) injuries related mainly to ageing. That mcans we don't cover injuries to teeth from normal use, or heart (cardio~vasclllar) disease or brain (cerebra-vascular) disease, unless it stems frolll medical treatment or a work injury involving abnormal or excessively intense effort noll-traumatic hernias (eg from coughing or sneezing, or not directly as a result oftrauma) injuries that come 011 gradually and arc not due to a work task (non-occupational gradual process injuries). To claim for injuries covcred by ACC, see How do I make a claim? What ahout injuioies that cause death? Ace provides financial assistance when someone dies as a result of an accident, a work-related disease or infection, or medical treatment. 'Vc may also be able to help following a suicide, however this will depend on the circumstances of the death. If a member of your family is fatally injured, and ACe receives confirmation that the cause of death is a physical iluur)', we will work with you and/or your advisors and friends to work out what assistance is available. Various payments are available, depending on your circuiustances, to cover such things as funeral and childcare costs. Dependent partners and children may be eligible for weekly compensation. ACe support applies regardless of life, funeral or other insurance policies that may

7 . Am I covered? Page 3 00 also provide protection in the cvcnt of the death ofa family member. For more information about accidental death claims, see Injury causing death. What ifi am a visitol' to New Zealand? If you need information about ACe in your own language we have interpreters for over 30 different languages, and Pacific and Asian advisors who can provide cultural support and help. Sec In your language for more information, or contact ACC Claims. If you're injured during your visit to New Zealand, ACC may be able to help with the cost of treatment and support you need while you're here. However, it is important to be aware that you canllot sue for personal injury - ACe replaces that right. ACC only covers treatment and rehabilitation costs while you are in New Zealand; it is not a replacement for travel insurance and does not cover illness, dismpted travel plans or emergency travel to get you back home. We recommend you anange travel insurance before visiting New Zealand. Do I qualify? Ace support may be available to you as a visitor if you are: injured in an accident within New Zealand in certain circumstances suffering from a health problcm related to working in New Zealand injured as a result of medical treatment while you are in New Zealand dealing with the mental effects of a sexual assault or abuse suffered in New Zealand. The injmy must have happened in New Zealand. You are not cm'cl'cd: if you are injured while aboard the boat or plane on which you travelled to New Zealand, or getting on or off that boat or plrme if you are injured while travelling around the country in the craft you arrived in, such as a yacht or enlise ship. You 8rc not covered whenever you arc on board or on the gangway if you take an excursion during your visit that takes yoll 300 nautical miles or more from New Zealand. To claim for injuries covered by ACC, see How do I make a claim? What ifi am a New Zealander tl'avelling overseas? ACC may be able to help you if you return home with an injury that happened while you were overseas. Our cover applies whether you have been travelling on business, on holiday or your OE, or if you're visiting friends or family. To qualify, you must be ordinarily resident in New Zealand. Cover normally applies for trips of up to six months, but if you are travelling on business and still paying income tax in New Zealand, Ace covcr continues even ifyoll are away for more than six months. If you decide to extend your business trip for personal reasons once your overseas work is finished, cover will apply for up to six months longer, provided you intend to come back to New Zealand permanently. If you stop working in New Zealand to travel overseas and you are injured, you may not qualify for compensation for lost earnings. You can purchase income protection cover for overseas travel of1lp to six months, to ensure that you can still receive weekly compensation if you're injured while you're not working. See ACC TimeOut for Illore infonnation. Note: You stilt need travel insurance because ACe doesn't cover you for illness or things sllch as overseas treatment costs, disrupted travel plans and lost deposits, assisted travel or emergency travel for a relative. To claim for injuries covered by ACe, see How do I make a claim? Last updated: 12 March /

8 Page 1 of 1 Home AboutACC GIOSSHIY of ACC terms Weekly compensation \Vcckly compensation Payments that ACC will pay to clients who cannot work because of an injury, based on 80% of weekly income before the injury occurred /2012

9 , For advocates Page I of I Home Making <1 Claim For advocates ACC Community Advocacy On this page New free advocacy service to help ACC clients New floec advocacy service to help ACC clients ACC has signed a contract with Linkage Trust to provide a community advocacy service to ACe clients from I November The free service will help clients quickly resolve issues they have with ACC through high quality independent client advocacy. It wilt be available throughout the country, using the following 0800 phone number: Linkage Trust ACC ( )0 The new services will: provide accurate information, advice and support to help clients resolve issues with ACe or accredited employers provide assistance to clients to access statutory entitlements to treatment, rehabilitation and compensation ensure that clients who use the service are aware of their rights as set out in the ACC Code of Claimants' Rights. This new service is part of Ace's drive to resolve issues quickly and the availability of free independent advocacy for clients will help achieve this. The service is modelled on a Council of Trade Unions' Workplace Injury Advocacy Service (\VIAS) that has proven sliccessful in resolving client isslles at an early stage. About Linkage Trust Linkage Trust is based in Hamilton and has a long history in providing Service Navigation which has an advocacy component in the Waikato region. Linkage also operates the regional Webhealth health and social service directory websites that provide an excellent resource for clients to access appropriate services for their needs. Linkage Trust advocacy service freephone ACC ( ). Last updated: 22 July

10 , What-if I have problems with a claim? Page 1 of I Home Making a Claim What if I have problems with a claim? Advocacy On this page Why would I need an Advocate? Different types of Advocacy support Advocacy within ACC An advocate is a person who works for an independent organisation outside ACC, for example The Brain Injury Association of New Zealand Inc (external link) or the Coalition of Community Law Centres Aotearoa Inc (external link). You can get help from these people to speak to ACC on your behalf. They will have good knowledge of the area that you are having trouble with in your dealings with ACe. For locating services that can help you further, the Citizens Advice Bureaux (external link) ( ) can provide you with assistance. Why would I need an Advocate? At any time in the claims process you have the right to an advocate to help yotl if, for example, you: feel you are unable to express your views clearly are confused about your rights as a client think that your ACC case manager does not understand the point you are making. Note: Advocacy should not be confused with making a complaint. For more information 011 the complaint-making process sec What if I want to make a complaint? Different types of Advocacy SUppOl-t Advocacy can be divided into two main areas: Individual advocacy concerns - issues a person has with a particular case or situation. This means issues you may have concerning actions taken by ACC in relation to your personal case. Systemic advocacy - related to the desire to make wider social changes. For example, changing national legislation related to ACC rehabilitation entitlements that will affect all claims. If you are not sure which type of advocacy relates to you, you may want to contact one of the advocacy groups to determine the best option. Advocacy within ACC Within ACC, the department that deals with advocacy is the Community Engagement Directorate. See Contact us for ollr contact information. They: work with ad\'ocacy organisations to improve the quality and availability of advocacy services for ACe clients coordinate the ACe Consumers' Outlook Group (a group of people who talk to ACe as representatives of the wider community) coordinate the Older People Advisory Group (OPAG) which is particularly concerned with injury issues for older people in the community. I ITlllO l'trnt: You can source your own advocate to represent you in your dealings with ACC. Lnst updated: 14 JanuRlY a ki ng -a-claim/what -if-i -h a ve-pro blems-w Hit -a-c I ai mlecio /2012

11 TraveL to treatment and rehabilitation If you have to go a long way to get treatment or rehabilitation services, or have high travel costs, ACC may be able to reimburse some of your costs. ACe can't pay you in advance. Ace can only help if they have accepted your claim and: you must travel more than 20 kilometres (one way per trip) to your nearest treatment centre or rehabilitation provider in t he first two weeks after your injury, or you travel more than 80 kilometres within any calendar month, or you spend more than $45 on scheduled surface public or other transport within any calendar month. What if I need to stay overnight? ACC may be able to help with your accommodation costs if there is no suitable transport to get you home after treatment or rehabilitation (but not if you stay at the treatment or rehabilitation centre). You need to get approval from your case co-ordinator or manager before you stay overnight. ACC can only pay $56.30 a night - even if someone else is staying with you. If you are permanently impaired as a result of an injury, your claims and care entitlements may include: Rehabilitation. Independence allowance. HospitaL treatment. Lump sum compensation. Travel to treatment and rehabilitation. Weekly compensation. Housing modifications - once only. Temporary accommodation during modifications. Suitable vehicle. Replacement is based on need and is not automatic. Respite care. Overseas travel. ACC will fund four weeks caregiver pay only. Caregivers. Each client is formally assessed for appropriate care needs. This assessment may be appealed or reviewed. CLien~ may: a) Appoint a caregiving agency. b) Receive entitlement direct becoming employer and taking responsibility for wage payments. Supply of a computer. Medical supplies. Educational costs of rehabilitation. AU relevant equipment i.e. hoist, wheelchair, bed etc. Incorporating McIsaac & Associates rase Agency Limited Contracted to ACC for supply of home based services Incorporating McIsLiac 2. Associates TASC Agency Limited Contracted to ACC for supply of home based services

12 What does ACC cover? The accident compensation scheme generally covers you for treatment of personal injury. A 'personal injury' is a physical injury or a mental injury caused by a physical one. Personal injury also includes mental or nervous shock after sexual assault or abuse. It does not include emotional effects such as hurt feelings, stress or Loss of enjoyment. A personal injury may be caused by: an accident at work, home, or on the road a work-related gradual process disease or infection medical misadventure sexual assault or abuse medical misadventure Physical injuries may include wounds, Lacerations, sprains, strains, work-related injuries (e.g. fractures, amputations, dislocations, tendonitis, dental injuries (in some cases), or hearing loss as the result of an accident. So what am I entitled to? For more information read on. Who is covered? All New Zealanders may qualify for help from ACC, whether or not they are earning an income. New Zealanders may also be covered when they are injured while overseas, as long as they meet ACe's 'ordinary resident' criteria. Ace may disentitle daims where injuries result from suicide or are intentionally self inflected. Weekly compensation ACC can pay up to 80% of your pre-injury weekly earnings. To be eligible for weekly compensation you must have been in employment and receiving earnings immediately before the injury occurred. You need a certificate from a GP or medical specialist saying you can't work because of your injury. Can I start work again and still receive weekly compensation? Yes, if you cannot fully return to work but can.do some work part-time, you may still be able to receive some weekly compensation. ACC will reduce the level of payments they make. Please let ACe know as soon as you start earning again as this will affect the amount of weekly compensation ACC can pay you. Loss of potential earning capacity You may be eligible for compensation for loss of potential earnings if: 1. you are unable to work because of your injury, and when the injury occurred you were under 18, and you are now 18 years of age or more; or 2. When injured you were 18 years or over and you were a full-time student and have studied continuously since you were 18. In addition: 3. Weekly compensation payments can only begin after you have been unable to work for six months due to the injury. Payments are only available to people who do not otherwise earn above a specified amount. or are not in full-time study. Payment is at a specified rate. Independence allowance If you are permanently impaired as a result of an injury, that occurred before 1 April 2002, you may be eligible for an independence allowance. The amount you receive depends on your level of impairment and is paid in addition to any other entitlements or assistance you may receive from ACC for injuries. The payments may continue for your lifetime and be increased, reduced or stopped according to the results of reassessments of your impairment level changes. Already received a lump sum payment? If in the past you were paid a lump sum for an injury that occurred before 1 July 1992, you can apply for an independence allowance but you may get a reduced amount, as the lump sum percentage is deducted from the assessed percentage level impairment. Payments will start from the date you apply., Abatement If a person gets earnings during the period they are also receiving weekly compensation from ACC, compensation will be reduced by a proportion of those earnings. This is called abatement. For self-employed and shareholder employees, if your actual earnings cannot be calculated, ACC can initially make an estimate based on your continuing input into business. ACC TimeOut ACC has a product called ACC TimeOut for people taking a break from work. The minimum period of cover you can buy is three months. ACC TimeOut allows you to be paid weekly compensation if you are injured and unable to work during your absence from employment. Self-employed and shareholder employees The standard calculation for self-employed and shareholder employees;s based on 80% of your earnings from that class of employment that you derived in the prior income year, divided by the weeks in that income year. You may also have included in the calculation, any employee earnings derived in the 52 weeks prior to the incapacity, divided by 52. If you did not have any earnings of that class of employment, then the calculation can be based on your employee earnings ;n the S2 weeks prior to the incapacity. If the amount is low, then after five weeks off work, a minimum amount of compensation can be paid if you work full-time. If you are self employed and liable to pay the minimum levy for a full-time worker then you may also be eligible for the minimum rate in the four weeks following your first week period. The minimum rate is currently 80% of $ for people aged 18 years and over, and 80% of $ if aged under 18. These rates are subject to annual indexation and apply from 1 July Unpaid Parental Leave If you are an employee, you may be eligible for weekly compensation if you are unable to work due to an injury while you are on a period of unpaid parental leave.

13 DATE ".... CLlENT No: NAME ADDRESS TELEPHONE No No OF CHILDREN AND AGES ADViSER REFERRED BY BANK ACCOUNT(S) HELD NOW INCOME Salary/Wages.... Partners Income.... Family Assistance/Child Support, Maintenance Board.... Domestic Purposes Benefit Sickness Benefit Invalids Benefit Unemployment Benefit.... Other Benefits " RenUlnteresUDividends ,...,.... Pensions/Superannuation Other TOTAL WEEKLY INCOME BUDGET WORK SHEET Bring Income to Weekly in all cases or.. '!Oftl,JI~'1'J..i -Fortnightly + 2 -Monthly x (net aner tax) MONTHLY (x ) , Monthly - Life Assurance.... -Savings Bank (Savings)... ".... -Building Society House Mortgage ".... -Second Mortgage.... -TV & Video Rental... ".. ".... -Power Phone Gas Hire Purchase To Credi t & Store Cards Other Loan Repayments... ~..... I... To.... -Debt Repayments ~... I.... TOTAL (2) Weekly Less Outgoings Total (1) $ Total (2) $ Total (3) $ Total (4) $ > RESULT ~ ANNUAL (~52) Annual -House Insurance... -Personal Effects Insurance ,... -Vehicle Insurance... -Medical Insurance... -Warrant of Fitness... -School Fees... -Other..., , Vehicle Registration... Bloaeleas1iFl Fee... -Rates (including water rates) Section or Land Lease... -Recreation - Subs etc... t... I... -Dog Registration Weekly OUTGOINGS TOTAL (3) ~~~E~~ ~~Jn~~e~~~ i l~ :.~r~~~~.pe1.. food).::i: ::::::::::::1::::::::::1 =~i:t~~~~~r~~ t.~~~t,,~~ti.~.~~a.i.nten.a.n.c~ :::.: :.::.::.:.:: 1 :::::1 -Fares.... -Personal Cash Childrens Pocket Money :.... -Childrens Education (Kindy Irips, etc).... -Giving - Church/Charity, Koha, Marae Komiti.... -Cou rt Payments Other TOTAL (1) OTHER OUTGOINGS ,---,-----yr----r- -Wood & Coal.....l.... I -Taxation Provision Vehicle Maintenance I =~~~:.~~::::.:::::: :::.::.:::.::: : : :::.:: ::::: ::: ::.::.::. -Medical Dental.... : House Maintenance/Lawns Clothing/Shoes ,.... TOTAL (4) his budget has been compiled for the above client from information supplied by them. This information has not been verified and therefore we accept no!sponsibility lor its accuracy. The budget has been prepared at the request of, and for the purposes of, the above client and neilher the adviser nor the service ccepts any responsibility to any other person on any ground whatsoever. igned: Adviser..... igned: Client Oale.... Name of Budget Service.. RE.oROER STATlor ~ ERY HEI.! ~IO. 10; 2,.'1'

14 / LUMP SUM COMPENSATION Treatment providers have asked for more information about lump sum compensation. The following questions and answers listed below are provided as a basic introduction. What is lump sum compensation? Lump sum compensation is a one-off payment to compensate for permanent impairment resulting from an injury. This is an alternative to receiving an independence allowance. Who is entitled? Claimanls whose level of permanent impairment for injuries suffered on or after 1 April 2002, is 10 per cent or more. (Special rules apply for sensitive, gradual process and medical misadventure claims.) When does ACC assess applications? ACC assesses entitlement after receiving a certificate from the treatment provider indicating there is likely to be permanent impairment. This is either Iwo years or more since the date oflhe injury, or the claimant's condition is stable. A condition is considered stable when it is unlikely to improve in the next 12 months, even with treatment. How much is paid out? Payment is based on the level of impairmenl from all a person's injuries that occurred on or after 1 April % impairment- e.g. severe damage to the ligaments of the knee, would provide an entitlement of $2, % impairment - e.g. amputation of a leg below the knee, would provide an entitlement of S 13, % impairment- e.g. paraplegia, would provide Ihe maximum entitlement of $102,520. Are lump sum payments taxed? No. They are not taxed and they are paid directly into the claimant's bank account. How does assessment occur? When claimants are eligible for an assessment, ACe lets them know in writing and refers them to one or more assessors (depending on the injuries). The assessor arranges an appointment and assesses the level of impairment using the AMA Guides and the ACe \.Jser Handbook to AMA4. ACC - AN INSIDE LOOK

15 Considering creating an inter vivos trust? o What are your desired outcomes of the trust - articulate please? o Are you very clear on the establishment and conveyance costs? o What assets would you seli/transfer to the trust now and in the future? o Will the trust have funds for purchase or will you be gifting the debt? o Are there any confidentiality issues? o Would it be appropriate to 11ave more than one trust? o Are there complications regarding blended families and Property Relationship Act issues? o Will Section 21 Agreements be contemporaneously executed? o Have you given thorough consideration to the beneficiaries including charities, children trusts, adopted children, sons/daughters-in-iaw and relationship partilers? o Have you received a written taxation impact report on the consequences of forming the trust and selling/transferring assets to the trust? o If shares in your family company are to be transferred to the trust, are you aware of the consequences for the trustees? o Do you have special values regarding spendthrift, estranged or adopted children or the age when benehciaries should benetit under the trust? o What are the considerations regarding the administration of the trust - who will be settlors, trustees and beneficiaries? o Do you appreciate that you will no longer legally own the assets transferred to the trust. If a trustee that you have an onerous long teml fiduciary duty to the beneficiaries. o Are you prepared to study the deed and learn all you can regarding trusts? Trust Deeds There are no formal requirements to create a trust or deal with equitable interests, but a trust created to specifically deal with real property must be in writing. Trust deeds have evolved over the years and create the rules for the trustees and beneficiaries. The Trustees Act does not spell out the rules for trusts but is the supporting legislation and is now 54 years out of date.. Legal and accounting trust practitioners should revisit, revaluate and revise the content of trust deeds in light of the number and significant changes in SOCiety and laws surrounding trusts and estates. I have been working on techniques to bring trust deeds alive for my clients and audiences. From my experience, many trustees have not read the document since it was signed and executed. They rarely revisit the trust deed. Trust deeds need to be referred to continuously by trustees, trust advisors and professional trustees. The majority of trust deeds in New Zealand are prepared by lawyers who admit they spend relatively few hours with the clients who create inter vivos trusts and with will-makers who create testamentary trusts. It is not appropriate for accountants to prepare all of the documents for a trust or estate. The drafting of some documents, including deeds are reserved for solicitors holding current practicing certificates. Accountants can complete a template that was created by a solicitor, or draft the document and get it signed off by a solicitor, they are not allowed to charge for their attendances on these matters.

16 What clauses are generally included in a Deed? o Name of trust o The parties and purpose o Term/Perpetuity period o Definitions o Settlors o Income allocation o Capital o Appointer/Protector o Payment to minors o Final beneficiaries account for advances of capital o Distribution of trust fund o Powers to partition trust fund o Administration and Management powers o Trusts on vesting day o Resettlement/Variation/Amendments o Trustees - appointment/removallretirement/righlslliabilities o Trustees - powers/decisions/number/confidentiality/advisory o Indemnity and rights/remuneration for professional trustees o Bankruptcy or assignment o Beneficiaries - appointmentfremovallprimary/secondary o Dealings by interested parties o Alteratrons o Investment strategy. managers and powers Deed definition o It is difficult to define a deed. Basically it is a legal document available to beneficiaries. Nearly always they emanate from the legal profession. o Deeds should be retained for the life of the trust o Common examples of deeds in estates and trusts are: The Will and codicils (if any) The Trust deed and any variations and amendments Appointment of new trustees Retirement of trustees Appointment/Deletion of beneficiaries Sale and purchase agreement Loan documents Guarantees Acknowledgement of debt.. Reduction/Partial forgiveness of debt Indemnities Appointment of Protectors Resettlement Powers of appointment Family arrangements r

17 \ Honoraria '... If an honorarium is paid to a person who is a1so an tmplo~ie :Of 'the payer. both the honorarium and the employment earnings will be subjeci to PA YE. including the earner levy. For example, if a person employed as a secretary of a golf club is paid an honorarium in addition to wages, both the \vages and the honorariu'm \vill be liable for PAYE. Honoraria paid to persons who are not employees (including mayors, chainnen and meinbers of councils, boards, committees 3J1d other like bodies, and officials of societies, clubs and similar orgariisations) are subject to withholding tax at the rate of 33%. The eamer levy does not have to be dedtict~d from such honoraria. Honoraria paid to school trustees are \vithhol~ing paym 7 nts and subje~l to.withholding tax at the rate of 33%. \ IR56 taxpayers Certain categories of employee (IR56 taxpaye~s) are responsible for paying their own PA YE tal(, IR56 taxpayers include:.. (a) Priv'ate domestic \~or1<ers who' work part time, such as home-helpers, allenclant caregive~! n~nni.es, gardeners and domestic odd-jobbers;,j" (b) (c) (d) Embassy staff; New Zealand-based representatives of overseas companies; and Operation Deep Freete (Antarctic) personnel. A person employing an IR56 taxpayer is not required to deduct ta.'( from salary or wages paid to them. (a) (b) (c) (d) The employer is the occupier of a house or other premises used exclusively for residential purposes; The employment iilvolves work in or about the house, premises, garden or grounds; The employment is 'not for a busijess carried on by the employer; and I. : The employment is not regular full-lime employment. The IRD regards full-time employment as more than 30 haws per week. on average.. Emmple: Polly works as a house cleaner for five different householders. She averages around 8 hours per week per householder. Although she works a total of more than 30 hours a week, she is still an IR56 taxpayer as she fits the definition of a private domestic,worker. This is because she is not working full time for anyone employer, she works in the employers' homes and is paid directly by each employer. Polly is responsible for paying the PAYE on her ~56 income, IR56 taxpayers calculate Ute ta'( deduction from their total earnings each month in ~xacuy the same way as an employer would do for an employee. They must complete and send ;,ui~ Employer deductions (IR345) form and an Employer monlhly schedule (IR348) to IRP wiih their tal( payment each month. In addition, they must keep a record on the 006 summary forms of thei.r monthly gross wages and PAYE tax deductions. The 1R56 is kept by the rr56 taxpayer as a permanent record' of their 'wages and (ax deductions. IR56 t~p3.yers Who ha\'~ a student IO~l and are emb~ssy staff! members, Ne\~ Z!!alandbased representatives of overseas companies or Operation Deep Freeze workers, '!Ie also responsible for making monthly student loan repayment deduc!ions from their earnings, if applicable. \ Income received fraudulently or in error Property received fraudulently is assessable income under s CB 28 [see' ], but because rhe recipient is not entirled to the i'1come it is not a payment subject to PAVE. If PAYE is deducted from the payment, the err wi ll repay the deduction to the payer on request in writing. The amount assessed to the recipient is the net amount of the fraudulent payment (ie, the amount actually received by them). The recipient is then responsible for meeting their tax liability on that income. If the' recipient repays any of the income, they can claim a deduction in the year of repayment under s DB 35. Stapies Tax Guide

18 H>80;30 PA YE does not divide equally into even weeks, me amount applicable te the :odd days must be treated as being for an extra n'eek, and should be.added. to any other amount allocated (0 be dedll~led. '(e) " Tax must be calculated for. each 'week separately: TheiaggTegate of the deductions for each separate week is the total amount to be deducted. ',' ' Eniploy~e:s 's~ary paid 1Miut.i(),: ":, ' - I. : ",',. 'j'. \Vhe're 'in c'mpjo):ee's shlaiy' fs'paid lli one' sum' a;uli/alij', tne tax' must ~ dcliuciid'at'the timkoi'tl)c{inakmg ot"ilie payt#ehf3.tid '~ccohnied fone; tlle em hi oii{s'illri b)' due: d~te. Th2 d!hlucllod,boi(.e,;e'i. sbbu]d ' be ~ cajc'uiated ';OD ;th~ 'basis o(s2\veekl},l':aynignts 'an'd is iii th~ natum pf an ' ~{H'abce 'd' ;"'sit to'l! o'\;erith ~ ehl irni2~i: alinii1t1lli:' lfabili~ ';:~ ';'i "I.:... :. ~ t.::, ':- '.~ " :.,;:~",',, ;~.! : ",.t:,. ~.1!".,'.',..:~ p f <> "!; ' ~ ' : '" t ),.!~, "~.t}.;.,., '....." ;. '. '" Stude~t.:>' an~ seho.ol childrc~ ~ ~~~~~~~ '; ~ '-:,' '" " ~:r1;'i : ~ '. i~~, io>~"! " '. i ;,.f!'.'\' t ;~~tiuch~~: c~fl;~~ ~!?S?!!l~. ~ey. l ~f.1:i~le JO P~r~~} X ' ~,i#.~' s~~, ~: ay.~?wer ~J~~~~~t~\j~~~~ )~~~~~~~~~~f Jillro ~~;~~d~iu~~gw?:~th~t~~~~ lh:ostto~ :efu.i~s. fron1 aifh~ : IO: :tb~hrdo;es iioi~x~' $20" ~~ ~~k ~e _ ~~tfr" ' \ijit ii,. " J, ::J, " p. )..,. " _ 'T '..., -, I ' ". ~ ;! 'r " ""J"" ~.,... ". ~, rompjeie' ~ lax code ; decl~.~~<?~.; ~:~. D9 ~A ~}~. y!: ~ ~:~Yft~~,.'ft~~~~~~~ ~ili?~ '; " f1l: sc~~hi ~ d;r~p :'-;~~. ~, :~~r~( ~:~ :.~2.Q.. per:\,-:~~.~e. reg~~~ ~p. ~~p'j~t,~ ~. ~. ~?de d~~arabo.n. ~~ ~ A. YE ~~.'!Yl~pl~g,~ l ~.tq. ~;: ~e~~~te4,g9m. ~~, full. pi!-yp1e':l~. In: th~se crrdjmsiances~ ' if n6 tax 'code' decfata'uon is recei,'ed ofins tiffici'e riririfoinlatio~ ' is shbwn' on the tax '~e ' d~iih-;;tio~ : 'ilie~ tiih " 'N6: D~lar~ticiri'; ' iale-a~~ue~l A:a 'e~ct.el1oti ~ ~ppifes\i,'her~ tb~ V:;fekl. ; ~n2s e):~eed s10 'a 've~k ; }ill(ytbe ' AiID~'ai e8hilii~s : 'ititilot e;(-'ected 'io' ~ ~lceed $1,040 w~en the ;hild is Dot requlre'd"fb'fill iii,tiax COde '-d~ciarition '~ff'~t{illf sildu\d'be deducted from earnine-s.. 1. I'll" ~ "''';'~ 4,t, n ;I", :. ; ';:,\,:({tr ~. \Vith uruvetsity; polytechnic, and ternary students, PA YE or. withholding' payments"'sh"6nld be deducled as the case may.be/ The student may be best advised 10 apply for a speciall?x code Certificate rather than waiting for an annual assessment and gettirlg-a refund.: " " Pri-rate domestic 'w'or"k'irs ~.;..,. ~! I ' Employers are requp-ed to make tax deductions from source deduction l;ayrrieots maae:u)' employees unless ' the 'employees 'are "private domestic workers" [s NC 2]. :A pnvate dom'estic worker means a -person employed by another person or/here:. (-a),. The employer: is' the occupier(or-:.ooe: of ilie'''occupiers 'of'a' dwelling-'house or other premises used exclusively for residential purposes: al](.1 (b) The emplo)'ment'is' for the perfi:mnance ofwork"m' or aooui the awelling-house'or premises or the garden or grounds appurtenant the~eto: p.nd.. '.~ : I., ii". ' (~) The ~mp!o)~e!!t).s n(~l f9.~. ~y ~tisjp~s;.. ~~~ on by. the. employer,.o(,.tg,any oc<;:upati0d: OF capin~ pf ~~ ~.~p,l oy~ r; ~~.. ' (d) Th~. emplo~ent i~ not regula,r tup timt;. ~.mplo) ment,.....' 't, '.No tax c;j.~uctiod:s'need. tp be ~~de from ~y wages paid to a.p.riy;ilte doij?estig.worke{, The worker m~t in~(ead pay. to the om by the 40th -of the f911o\~'ipg ~.c?n~ 3.D:. ad':lo~t e9qaj ~9 the tax deductipnslbat would have been made bad it,not been fqr1his. dispensar;ion,[s NC 16].., Under ilhe iic~ou"nti.ng Pfocedme' i.n:$tiruted. by the m.i:>,.for :reco,rding".tax deductio~ payme,dls, a pnv~te domestic. worke~ is_placed on.the sam~. basis as.an e~ployer and virtually underta.kes!.he functions for recording and payment of"pa YE otherwise 4nposed UpOD.:th~ employer, Monthly pay in slips bearing tbe name and reference otl!i!ber are issued, an.d.used... ~ :' '..,,-.. :. ~ '"'..', '. :', Voluntary labour projecl<; OI:,.worhing bees ".Some organisations which are exempt from,tax contra,cl for their members to undertake work and. apply th~ p.roceeds for the purpo~es of the organisation, The income is exempt from tax provide4: <aj The object is charitable. (b). The organisation itself arranges the contract with the principal and undeltakes to carry out the work.., (c)" The organis'ation arranges with)ls members to do the work. The members 'are then working for the organisation and Dot the principal..= SlapJes' Guide

19 Disability Law Agency, Advocates for ACC Reviews and Free Consultations 1. Auckland Disability Law Address: Based within Mangere Community Law Centre, Unit 9, Shop 27, Mangere Town Centre (wheelehair access available) Mangere PO Box Mangere, Auckland Telephone: Fax: Mobile The Lawyer here is David Hagar. He is available 0900 am pm most days. 2. Mike Vale ACC Advocate -26 Nikau St New Lynn Waitakere City 0600 Auckland o 09~ ACC Advocacy Line Mike.used to work for ACC and is very expedenced with talcing Reviews on ACC matters. 3. Andrew Cadenhead LLM (Hons).PG Dip OHP who works as an Accident Compensation Law specialist runs an Accident Compensation Law Clinic at the Otara Comm'unity Law Centre at 121 Bairds Road, Otara, by appointment. Andrew conducts a clinic every 2 or 3 weeks. Bookings to attend are made through the Otara Community Law Centre in advance. Otara Community Law Centre 121 Bairds Rd ' PO Box OTARA phone: fax: Attendance''!t the cl.inic for an initial discussion and a preliminary investigation of your case is free.. If the preliminary investigation reveals that there is a legal case worth pursuing, then any further legal proceedings need to b~ financed on a fees paying basis which would need to be discussed and agreed in advance with Mr Cadenhead. 26/01/ :57:42AM 1

20 Disability Law Agency, Advocates for ACC Reviews and Free Consultations 4. Philip Schmidt ACC Lawyer Level 5. Campbells Building 16 High St Auckland CBD Additional Contact Details Fax : 09" I~ailing Address: PO Box 2569 Auckland 1140 Philip Schmidt, Solicitor, is an expert in the ACC areq, practicing her~ in Auckland. Auckland Disability Law regularly refer com plicated mqtters to. him. He charges fees for his services, of course, like everybody else, but that is. unfortunately the case with the most highly qualified legal professionals practicing in this particular area of law.. 5. The Association of Spinal Concerns (TASC) which is based at the Spinal Unit does Advocacy w()rk and ACe Reviews.. Office Hours: Monday - Friday 9:30 am - 4:00 pm Ph or Mailing Address: PO Box 23635, Hunters Corner, Papatoetoe, Auckland.. Location: Auckland Spinal Unit, 30 Bairds Road, Otara (TASC is off the :main foyer in the gymnasium). '. 6. John Miller ACC Lawyer Based in Wellington. PEOPLE John Miller Law employs a team of twelve lawyers plus support staff: PRINCIPAL John Miller LLB (Hons), LLM PRACTICE MANAGER/SOLICITOR Jonathon Miller BA LLB FINANCE OFFICER Donovan Miller BA Dip Tchg 26/ :57:42 AM 2

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