Doing business in partnership - tax consequences upon the death of a partner - 28 June 2018 (On Demand)
The death of a partner in a business partnership can be one of the most complicated scenarios for professional advisors to deal with from a tax perspective. This is because it requires concurrent application of the tax rules applying on the death of an individual, as well as the specific rules that apply to partnerships. This can be difficult where the two sets of rules do not interact on a seamless basis or cross-refer to one another.
This webinar will provide a refresher on the tax rules applying on the death of an individual and will address the following topics:
- What are the important tax considerations and common pitfalls that need to be considered upon the death of a partner?
- When is a partnership dissolved for tax purposes on the death of a partner?
- How does the tax position differ for partners that are married, in a civil union or a de facto couple?
- Does the death of a partner have any tax consequences for the remaining partners?
- What are the GST consequences for the partnership upon the death of a partner?
Upon completion of this webinar, attendees will be able to:
- Identify the key tax issues to be addressed upon the death of a partner in an organised and efficient manner
- Provide practical tax advice to clients and other professional advisors in relation to the death of a partner
- Provide input into the preparation of partnership agreements to best ensure there are no detrimental tax consequences upon the death of a partner
ORIGINAL BROADCAST DATE
28 June 2018
- Accountants from firms of all sizes and particularly those with a client base that includes partnerships
- Lawyers regularly preparing and providing advice in relation to partnerships and estates
- Other advisors involved with wills and the management of estates
Greg Neill, Partner - Tax Advisory, Crowe Horwath presenting on behalf of TEO Training
1.5 CPD Hours
On Demand Event
Complete online in your own time (Self-paced)