Description
Learn how to comply with current domestic trust disclosure and financial reporting rules. Understand key issues and proposed changes, and prepare for what trustees will still need to provide after the 2026/27 repeal.
Most NZ trusts that are required to file income tax returns are still required to comply with the domestic trust disclosure rules and financial reporting rules.
A post-implementation review of these rules took place in 2024 and, as a result, it is expected that the domestic trust disclosure rules and the financial reporting rules will be repealed effective from the 2026/27 income year. While this is good news for trustees, the Commissioner is currently considering what information will continue to be collected from trustees under the Commissioner’s general powers to prescribe information to be provided in tax returns. To that end, the Commissioner has indicated that Inland Revenue may continue to collect substantially the same information from trustees under these general powers.
This webinar considers the application of the current domestic trust disclosure rules and the financial reporting rules, including which trusts these rules apply to (along with the application of these rules to estates), what information is required to be disclosed, 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.
LEARNING OUTCOMES
You will:
- Know which trusts are subject to the current rules
- Understand when, and how, the current rules apply to 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
- Understand the impact of the rules on the preparation of financial statements for trusts
- Know when the proposed repeal of the rules will take effect, and what is likely to replace those rules
- Learn how to minimise the impact of the 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.
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PRESENTER
Stephen Tomlinson, Partner, Tomlinson Law
Stephen is a partner of Tomlinson Law. Stephen has lectured in taxation, finance and business law at the University of Canterbury and is a well-known presenter of taxation and trust seminars and webinars. Stephen advises law firms, accounting firms and other clients on a wide range of taxation and trust law issues. Stephen is a member of The Law Association of New Zealand trust law committee and was involved in consultation on the domestic trust reporting rules (including the post-implementation review).