New Zealand Law Society - Current law reform work
One of the Law Society's most valued roles is to provide an informed and reasoned voice for lawyers and for the public on bills referred to select committee and discussion papers from government agencies and other bodies. Read below for our current work.
Inland Revenue is seeking feedback on a draft operational statement which explains the income tax treatment of amounts societies, clubs and other not-for-profit associations receive from members (other than amounts subject to a specific tax exemption such as for charities or sports clubs). The Law Society’s Tax Law Committee will consider making a submission; to contribute comments, please email Nilu Ariyaratne.
The Anti-Money Laundering and Countering Financing of Terrorism (Omnibus) Amendment Bill was introduced to Parliament earlier this month, and is currently awaiting its first reading. The Bill establishes an infringement regime to support the AML/CFT supervisor to respond to minor misconduct and low-level offending, and allows regulations to set infringement fees up to $20,000. The Ministry of Justice is now seeking feedback on fee levels for these infringements before any regulations are made. The Law Society will consider making a submission; to contribute comments, please email Nilu Ariyaratne.