Description

Most domestic trusts that are required to file income tax returns are required to comply with new financial reporting and disclosure rules from the 2021/22 income year.

These new rules were introduced at the same time as the increase in the top marginal tax rate to 39%, and are intended to provide Inland Revenue with information to determine whether the 39% tax rate is working effectively, and to assist Inland Revenue to understand and monitor how trusts are operating.

This webinar considers the application of the new financial reporting and disclosure rules, including which trusts these new rules apply to (including the application of the new rules to estates), what information is required to be provided, and how that information is required to be provided.

This webinar will also examine common transactions which give rise to settlements and distributions, including trusts that hold family homes and holiday homes.

ORIGINAL BROADCAST DATE

21 February 2023

LEARNING OUTCOMES

You will:

• Know which trusts are subject to the new reporting rules
• Understand when, and how, the rules apply to estates, including the proposed changes to the definition of non-active estates
• Learn what information is required to be provided and how to provide it
• Be able to identify transactions which give rise to settlements or distributions which need to be disclosed, including in the context of trusts which own family homes and holiday homes
• Understand the impact of the new rules on the preparation of financial statements for trusts
• Gain insights into Inland Revenue’s operational approach to the new rules
• Learn how to minimise the impact of the new rules

SUITED TO

All accountants that prepare financial statements and file income tax returns for trusts, lawyers who advise on trust law matters, and professionals who act as or advise independent trustees.

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law.