GRA Blogs

Articles by The Professional Trustee Team

On a brighter note

AUTHOR: The Professional Trustee Team

POSTED: 10 September 2015

Here's something interesting … our money is about to get a facelift. Initially introduced into New Zealand's money system in 1999, our bank notes have become a little dull. New bright notes, however, are going to be the norm from October 2015 onwards.

The notes will remain the same denomination but the colour of the notes will be more vibrant and the value of each note will be printed in bigger text size. Shape, size, graphics and feel, however, won't change.

The cost to produce the new notes is estimated by the Reserve Bank to be circa $80m over the next 5 years. Given we're all trying to be economically frugal, coupled with the fact that nowadays cash is used less and less, why has the decision been made to spend money simply to make new money?

The answer lies in applying technological advances to combat counterfeiting which has become much easier in recent years. Our new notes will encompass sophisticated security attributes such as including holographic features that make our currency easier to verify but much harder to counterfeit.

It's expected the new notes will circulate simultaneously with our old notes and both will be legal tender. By March 2017, however, it's thought most of the notes in circulation will be the new ones.

Request a Meeting

The Professional Trustee Team

09 522-7955

[email protected]

© Gilligan Rowe & Associates LP

Did you like this article? Subscribe to our newsletter to receive tips, updates and useful information to help you protect your assets and grow your net worth. We're expert accountants providing expert advice to clients in NZ and around the world.

Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.

Comments

Testimonials

I would like to express my sincere thanks to yourself and the team at GRA / Cornwall Trustees for the services you recently provided to my Trust. You were both professional and expedient in organising for Skeates Law and yourselves to execute the conveyancing of my property into the Trust to allow the title to reflect the correct Trustee names at LINZ and on the local council rating system in time for my advertising the sale of this property. I am sure that you have a team supporting you that allows you to make quick decisions and for these decisions to be executed with accuracy and pace that provided such an excellent service to my Trust. This also reminds me of an old L.V Martin television advert where their motto was "it’s the putting right that counts" and you certainly did do this in my case. In return you have a very satisfied client who wishes to convey their appreciation of their experience. Kind regards - Pravin

Would you like to receive . .

. . tips, updates and useful information to help
protect your assets and grow your net worth?

Investing in residential property?

Put this at the top of your reading list.

If you're investing in residential property, seeking to maximise your ability to succeed and minimise risk, then this is a 'must read'.

Matthew Gilligan provides a fresh look at residential property investment from an experienced investor’s viewpoint. Written in easy to understand language and including many case studies, Matthew explains the ins and outs of successful property investment.