24 Taxation of Trusts - Both Parts (Webinar Recordings)
excl. GST - Broadcast Dates: 21 February 2024 and 13 March 2023
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Product Description
Taxation of Trusts 2024 – Part 1: Beneficiary Income and Complying Trust Status
Many clients utilise trusts to hold income-earning assets and investments. The Income Tax Act 2007 includes specific rules on how trusts are classified, and on how trust income and distributions are taxed.
The focus of this webinar will be on taxation issues associated with beneficiary income and ensuring your client’s trust maintains complying trust status.
Issues examined will include:
• When can deemed income under tax law, e.g. FIF income, be distributed to beneficiaries?
• How do the timing rules around beneficiary income work?
• How are tax credits allocated to beneficiaries?
• What sorts of trustee income prevents a trust being a complying trust
• Who is a settlor for tax purposes?
• What happens when the trust’s settlor, trustees or beneficiaries become non-resident?
Upon satisfactory completion of this activity you will be able to:
• understand the tax rules around beneficiary income
• be better equipped to ensure your clients’ trusts remain complying trusts
• identify the tax implications of settlors, trustees or beneficiaries becoming non-resident
Suited to:
• accountants and lawyers who act for trusts
• accountants and lawyers who are trustees of trusts and want to ensure the trust is meeting its tax obligations.
Taxation of Trusts 2024 – Part 2: Distributions and Trustee Tax Rate Change
Many clients utilise trusts to hold income-earning assets and investments. The Income Tax Act 2007 includes specific rules on how trusts are classified, and on how trust income and distributions are taxed.
The focus of this webinar will be on taxation issues associated with distributions from complying, foreign, and non-complying trusts. It will also consider the impending increase in the trustee tax rate to 39%.
Issues examined will include:
• How are distributions of trust assets treated from an income tax and GST perspective?
• How are distributions from foreign trusts and foreign inheritances taxed?
• What to consider when paying dividends to trusts before the increase in the trustee tax rate?
• What guidance Inland Revenue has provided on what is considers legitimate and illegitimate restructuring of trusts activities in the lead up to the tax rate change
Upon satisfactory completion of this activity you will be able to:
• Understand how distributions from complying, foreign and non-complying trusts are taxed
• Be aware of potential issues around the trustee tax rate change
Suited to:
• accountants and lawyers who act for trusts
• accountants and lawyers who are trustees of trusts and want to ensure the trust is meeting its tax obligations.
Total CPD Hours: 2.5 (1 Hour 15min per session)
PRESENTER:
Stephen Richards is Partner in the Tax Advisory team at Findex. Findex is one of the largest providers of integrated financial advisory and accounting services to individuals, SMEs, and corporates in Australasia.
Stephen has been practising in tax advisory for over 25 years and is a sought-after speaker on tax topics, including for CCH, CAANZ, and TEO Training courses and lecturing in taxation practice at the University of Otago.
Stephen is renowned for making complex topics understandable.