Tax Traps for Trusts 2019

Description

With trusts, there are a number of “do’s” and “don’ts”, and getting it wrong can be costly, especially as trustees are personally liable for the trust’s (and beneficiaries’) tax obligations.

Trustees are generally not familiar with the complexities of how trusts are taxed, such as issues that can arise under the bright-line test, debt forgiveness programmes, trust resettlements and the change in the tax residence status of settlors, trustees and beneficiaries. It is up to professional advisers to be proactive and make their clients aware of these issues.

This webinar is intended to help professional advisers know what tax traps to avoid so they can ensure that their clients make best use of their trust structures.

LEARNING OUTCOMES

You will:

  • Learn about trustees’ personal liability for GST and income tax, including trustees’ obligations to withhold tax from distributions
  • Understand the issues that arise under the bright-line test, including the application of the main home exclusion to trusts
  • Know what tax issues arise on distributions, including imputation credit streaming and substitution payments
  • Learn how to avoid inadvertently distributing losses and deductions to beneficiaries
  • Understand that debt forgiveness programmes can give rise to a tax liability if distributions are made to certain beneficiaries or the trust is resettled
  • Learn the consequences of settlors, trustees and beneficiaries changing their tax residence status and how to ensure the trust maintains complying trust status
  • Know when particulars about the trust are required to be disclosed to Inland Revenue

SUITED TO 

Accountants of all levels, tax lawyers, trust lawyers and others who act as trustee of clients’ trusts.

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law

1.5 CPD Hours

  • May 23
    Thu, 2:30 PM NZST - 4:00 PM NZST Online
    • $210.00 excl. GST

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One-connection-one-fee

Our webinars operate on a 'one-connection-one-fee' basis so you can have your whole team participate for one cost effective price and claim CPD points.

Recordings

All registrants that do not log into the live webinar are automatically sent a recording either later the same day or early the next business day.

If you did log in and wish to view again simply drop us a line at NZ‑learning@wolterskluwer.com and we’ll be happy to send it to you via email.

Sole practitioners

A discount on webinars is available for sole practitioners. Please contact us at NZ‑learning@wolterskluwer.com to confirm eligibility.