Description

The death of a taxpayer can have wide reaching and unexpected taxation consequences. Topics covered will include:

• Income tax consequences of asset transfers on the death of an individual, including:
• When is a market value disposal of assets deemed to occur?
• How do the tax rules apply for different asset classes in an estate?
• When is “rollover relief” available?
• Consideration of inheritances and considerations that arise
• Estate and succession planning considerations so that any taxation consequences are managed and/or mitigated
• We will touch on wider issues associated with ownership of entities as are relevant upon the death of an individual
• Estate/Trust disclosure matters to consider
• GST consequences of asset transfers by an individual on death

ORIGINAL BROADCAST DATE

24 November 2022

LEARNING OUTCOMES

Upon satisfactory completion of this activity you will be able to:

• Identify the relevant rules and apply them to a factual position
• Understand the implications of the creation of trusts under a will
• Work through relevant income tax and GST considerations arising from the death of an individual

SUITED TO

• Accountants of all levels, particularly those advising clients on estate and succession matters
• Lawyers advising on wills, trusts, succession and other estate matters
• Other professionals providing executor, trustee or other estate related services

PRESENTER

Nola Crafar, Senior Manager – Tax Advisory, Findex (presenting on behalf of TEO).