23 Integrity Measures for SMEs, Attribution of Income, and Penny & Hooper (Webinar Recording)
excl. GST - Broadcast Date: 1 February 2023
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Product Description
This webinar covers key income tax considerations that advisors and their clients need to be aware of for the allocation (or not) of income to associated family members / entities.
The webinar focuses on the potential impact of both proposed but shelved (perhaps temporarily) integrity measures plus the Penny & Hooper case in the light of the recent increase in the personal top marginal tax rate.
Where are the pressure points and what should advisors and taxpayers be thinking about?
Ten years ago, the Supreme Court ruled in IR’s favour in the ‘Penny & Hooper’ case. This set the principle that while a structure or arrangement may be lawful, the outcome may not be.
With the recent increase in the personal top tax rate, we find ourselves, once again, in these murky waters. The case and the 2021 tax rate changes bring a broad range of activities and circumstances into question. In this webinar we will review the principles, risks and factors to be considered in this area.
Topics we will be covering will be:
• Penny & Hooper V CIR
• Revenue Alert 10/01
• Philippa White v CIR
• PUB 00305 – Dec 20
• Revenue Alert 21/01
• IRD activity since 2021 and what the data is saying
Upon satisfactory completion of this webinar you will be able to:
• better understand the income tax issues associated with income attribution
• make better decisions in allocating profits at year end
• advise SME clients more confidently on income allocation/attribution
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
This webinar is suited to intermediate through to advanced accountants in public practice and is also suitable for corporate accountants.
PRESENTER:
Scott Mason, Senior Partner, Findex
Scott Mason has over 30 years’ experience advising on tax matters, primarily for larger owner-managed businesses throughout NZ. He is a regular presenter for TEO Training and CCH, and Deputy Chair of the CAANZ Tax Advisory Group. Scott is a professional director across a range of industries. Scott is renowned for making complex issues understandable.