24 Tax Consequences of Debt Remission (Webinar Recording)
excl. GST - Broadcast Date: 30 January 2024
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Product Description
In times of financial difficulties, we are seeing more and more discussions about inability to recover debts and the options available.
A debtor may be released from their obligations under a debt through the creditor electing to write-off or remit the debt or through the operation of law. This will usually trigger debt remission income under the financial arrangement rules.
Alternatively, a debt write-off may trigger a dividend, or there may not be any tax consequences.
This course will consider the tax implications of writing off debt including:
• When the financial arrangement debt remissions rules do and don’t apply
• The self-remission rules for LTCs and partnerships
• The economic group remission rule
• The requirement to undertake a base price adjustment
• The availability of deductions for the creditor
Upon satisfactory completion of this course you will be able to:
• Understand the application of the debt remission
• Work through how the relief rules may apply
• Assist parties to a debt/financial arrangement to plan debt remission to minimise tax.
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
Tax aware intermediate level accountants and more senior accountants
PRESENTER:
Nola Crafar, Senior Manager, Findex/Crowe
Nola is a Senior Manager for Findex in the Dunedin Tax Team. Nola has been with Findex for over 15 years, where she advises on a wide range of tax matters, including property transactions and property ownership structures, structuring opportunities for businesses including relationship property considerations, providing advice on the tax treatment of transactions for clients and other professional advisory firms and managing Inland Revenue Department queries, disputes and debt relief applications.