Tax Traps for Trusts 2022 - 15 June 2022 (On Demand)

Description

Inland Revenue is taking more interest in trust structures following the introduction of the 39% top personal tax rate. The enactment of the new trust legislation and the domestic trust reporting rules is also resulting in greater transparency of trusts and accountability of trustees for their actions.

As a consequence, advisers have been reviewing their clients’ trust structures to ensure they are still “fit for purpose”. This review will often result in distributions being made, debts being forgiven, trust property being transferred to other structures, and trusts being varied, resettled or wound up.

These changes will often give rise to tax consequences. It is critical that advisers ensure that their clients are aware of these tax implications and take steps to mitigate them.

ORIGINAL BROADCAST DATE

15 June 2022

LEARNING OUTCOMES

You will:

  • Learn about trustees’ personal liability for GST and income tax
  • Understand the tax issues arising under the bright-line test, including the resettlement of residential property, the application of the main home exclusion to trusts, and the application of “rollover relief” to certain transfers of residential property to and from trusts
  • Know what tax issues arise on distributions, including the distribution of “deemed income” and imputation credit streaming
  • Learn about the GST and income tax implications arising on varying the terms of a trust and trust resettlements
  • Understand that debt forgiveness programmes can give rise to a tax liability if distributions are made to certain beneficiaries or the trust is resettled
  • Know when particulars about the trust are required to be disclosed to Inland Revenue and what needs to be disclosed

SUITED TO

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

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law.

1.5 CPD Hours

  • On Demand Event
    • $215.00 excl. GST
    Complete online in your own time (Self-paced)
    • $215.00 excl. GST

Coming Soon

All Coming Soon >>

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 to a live webinar will automatically be sent a recording at the end of that week along with a full transcript of the webinar, regardless of whether you attended or not.

Sole practitioners

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