Description
Changes in tax residence of settlors, trustees, and beneficiaries.
This webinar considers the New Zealand cross border taxation issues that arise where settlors, trustees and/or beneficiaries become New Zealand tax resident or cease to be New Zealand tax resident.
Key issues addressed include retaining “complying trust” status when settlors cease to be New Zealand tax resident, obtaining “complying trust” status when settlors become New Zealand tax resident, and the impact of the transitional residence rules.
Other issues addressed include the tax treatment of “dual status trusts” (i.e. trusts that are both “foreign trusts” and “complying trusts”), the tax treatment of loans and distributions to migrating beneficiaries, distributions from “non-complying trusts” and “foreign trusts” (including Inland Revenue’s latest guidance), and the application of the “ordering rules”.
LEARNING OUTCOMES
You will:
- Know the difference between “complying trusts”, “foreign trusts”, “non-complying trusts” and “dual status trusts”
- Understand how distributions from different types of trusts are taxed, including distributions from “dual status trusts”
- Learn how a trust can retain its “complying trust” status when a settlor ceases to be New Zealand tax resident
- Know how a “foreign trust” can become a “complying trust” when a settlor becomes New Zealand tax resident
- Understand what tax implications can arise when trustees and beneficiaries change their tax residence status
- Know when loans and distributions to non-resident beneficiaries give rise to New Zealand tax implications
- Learn how the transitional residence rules interface with the rules for taxing trusts
SUITED TO
Intermediate and senior accountants, tax lawyers, trust lawyers and others who act as trustees of clients’ trusts.
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 accounting firms and law firms on a wide range of tax issues. He is a member of The Law Association’s Trust Law Committee, andwas a member of the Minister’s Trust Reference Group on trust law reform.
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