Tax consequences of the death of a partner
The taxation of partnership rules can seem straight forward on the surface, but they can be complicated to apply, particularly when a partner dies. This is because there are a number of rules to consider such as mixed-use assets, depreciation, loss ring-fencing, relationship property, land tax including bright-line, and GST, for example. On top of that it is necessary to consider the death of the individual as well as the impact that has on the partnership. Is it a dissolution or a disposal? Is there relief?
This webinar will provide a refresher on the tax rules applying on the death of an individual and will look at the following topics:
- What specific tax rules need to be considered specifically relating to the death of a partner?
- Will the death of the partner give rise to a dissolution of the partnership?
- If the partners are married, in a civil union or a de facto relationship, what impact does that have?
- What is the taxation outcome for the partners and the partnership on the death of a partner?
- What are the GST considerations?
This webinar will be a mix of the technical rules that apply and the use of practical examples to highlight the interplay of some of the relevant tax rules that need to be worked through to assess the tax outcomes for all concerned.
ORIGINAL BROADCAST DATE
13 May 2021
- Identify the key issues to be addressed upon the death of a partner for both the remaining partners and the deceased.
- Provide advice to clients in relation to the taxation issues arising from the death of a partner.
- Understand the steps to be worked through to apply various taxation rules to the dissolution of a partnership or the disposal of a partner’s interest and the differences between the scenarios.
- Accountants and lawyers who act for partners or partnerships and advise on partnership issues and agreements.
- Accountants, advisors and lawyers who advise on Wills and who manage or administer estates.
Nola Crafar, Senior Manager, Findex/Crowe, presenting on behalf of TEO