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Christmas Present Tips for Guys

Christmas Shopping Tips for Guys

giftgreen1Most of us guys are useless at Christmas shopping. Here's a few tips I've picked up over the years.

Ladies, you might want to share this with the men in your family to avoid getting an undesirable and badly wrapped present this Christmas.

  1. Buying your Christmas presents at a petrol station or dairy on Christmas morning really isn't the done thing - apparently not everyone wants a funnel, box of biscuits or a car care kit. Don't do it.
  2. Get started early, no not on Christmas Eve, yesterday was already too late.
  3. First thing in the morning is the best time to Christmas shop, and I mean first thing, teenagers are still in bed.
  4. It's not the thought that counts, it's how MUCH thought that counts.
  5. Cash is a GREAT present for teenagers - and me.
  6. If you must give gift vouchers make sure they are from a shop the recipient actually shops in and try and avoid those with an expiry date.
  7. Wrapping and cards are important, you and I know it's just paper but for some reason they are important.
  8. Before you start browsing in a shop check that it does gift wrapping and accept the service - wait if necessary. If the shop doesn't do gift wrapping move on to the next. Unless you are an expert present wrapper - Yeah Right!
  9. Even if every present you buy is gift wrapped, buy plenty of wrapping paper and sellotape. You are going to need it because dairy's and petrol stations don't gift wrap and being a bloke you'll probably ignore number 1.

Guys ignore the above at your peril and have a wonderful Christmas.

Posted in Taxation.

Trustees are Personally Liable for Tax Obligations of a Trust

shockedfaceDid you know?

If you are a trustee of a trust you are personally liable for the tax obligations of the trust.

Inland Revenue have just advised that If you resign as a trustee, they must receive this in writing, as soon as possible following the resignation, so they can update their records.

If you resign as trustee of a trust and don't send IRD written confirmation, they'll still recognise you as a trustee, which makes you liable for any tax obligations of that trust.

If you resigns as a trustee of a trust and delay sending Inland Revenue written confirmation, they'll recognise you as a trustee up until they receive your written resignation.

For income tax and GST purposes, you may be liable for any outstanding tax for the periods you were a trustee. This includes the period of time between your resignation as a trustee and Inland Revenue receiving written confirmation of the resignation. This liability continues until any debt is paid.

So you better make sure the trust's tax returns are correct and that if you resign you make 100% sure that the IRD are advised in writing immediately.

This is particularly important if the trust is buying and selling or renting out property. There could be large sums involved.

If you are a trustee of a friend or family member's trust you may want to reconsider.

You are personally liable for the tax obligations of a trust. Is it worth the risk?

Tax, Trusts

  • Last updated on .