ask bucket holders to get moneys out by 31 March

[phillcoxon]

• bucket holders need to draw down their funds by the end of the NZ financial year (31 Mar 2019), not the end of the calendar year as might be interpreted by the ticket title.
• previous advice received by (the former) Enspiral Services suggested that even clipping each bucket by 28% on 1 Apr 2018 to put aside for income tax may not be legal because it could be argued that Enspiral Services was allowing bucket holders to manipulate their own taxable income by having Enspiral Services pay the tax on their behalf. The same would apply to Enspiral Foundation.
• Hence it likely would be best if buckets were completely drawn down / paid out before the end of 31 Mar 2019.
• Disclaimer: I'm not an accountant so Foundation should do their own due diligence etc etc.

[coopchange]

thanks @phillcoxon . not sure your involvement with this ticket but FWIW to you et al, I am aware that there's a number of buckets that will need to be held by EF as they are drawn down (eg, F2F Fund, Website Maintenance, Catalyst Fund...). Charley is already aware of this.

[phillcoxon]

Ah, apologies - I'm referring to buckets holding funds on behalf of external parties that have not yet been paid out. Internal buckets (Foundation funds for Foundation projects) would still be taxed but would not have the other issues. No direct involvement at all - just sharing things learned previously in Enspiral Services.

[coopchange]

appreciate it much!

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On Fri, Feb 8, 2019 at 1:03 PM Phill Coxon notifications@github.com wrote:

Ah, apologies - I'm referring to buckets holding funds on behalf of external parties that. Internal buckets (Foundation funds for Foundation projects) would still be taxed but would not have the other issues. No direct involvement at all - just sharing things learned previously in Enspiral Services.

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[phillcoxon]

Thanks for everything you do John - I love receiving the regular bombardment of github progress updates :)