This webinar considers cross-border taxation issues for trusts in the light of Inland Revenue’s interpretation statement on the taxation of trusts and pending legislative reforms.
Some of the key issues arising from the interpretation statement which will be addressed include the tax treatment of “dual status trusts” (i.e. trusts that are both “foreign trusts” and “complying trusts”) and the tax treatment of distributions from “non-complying trusts” and “foreign trusts”.
Other cross border tax issues which will be considered include retaining “complying trust” status when settlors cease to be New Zealand tax resident, obtaining “complying trust” status when settlors become New Zealand tax resident, the effect of changes in tax residence status of trustees and beneficiaries, and the impact of the transitional residence rules.
The special rules that apply to “foreign trusts” with a New Zealand-resident trustee will also be discussed. These include the requirement for New Zealand foreign trusts to register with Inland Revenue, file annual returns and pay registration and filing fees.
Intermediate and senior accountants, tax lawyers, trust lawyers and others who act as trustee of clients’ trusts.
Stephen Tomlinson, Principal, Tomlinson Law
1.5 CPD Hours