24 Trust Disclosures and Trustee Obligations (Webinar Recording)
excl. GST - Broadcast Date: 6 March 2024
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Product Description
It has been reported that the IRD has reviewed the data resulting from the 2022 Trust disclosures and has gained insights into how trusts are being used. Of 226,000 IR6 tax returns filed, 204,000 indicated they were required to complete the disclosure requirements.
With the pending increase in Trust tax rate to 39%, IRD will be looking more closely at the behaviours that appear to have changed as they relate to Trusts.
This course will look at trust disclosures and trustee obligations in an holistic and practical way.
We will cover both the Trust disclosure rules for both Complying (NZ domestic) and Foreign Exemption Trusts.
Before deciding on what obligations there are it is necessary to determine:
- What is a Trust from a tax perspective? (For example: discretionary, blind, bare and fixed Trusts, Estates and Estate Trusts, constructive Trusts)
- What is the status or classification of the Trust?
- Where is the income sourced?
- Where are the beneficiaries resident?
This course will work through these using common examples and will then work through the disclosure obligations, registration requirements, and return filing obligations the trustees have. We will also look at withholding obligations and reporting obligations to the IRD.
Upon satisfactory completion of this activity you will be able to:
- Understand whether there is a Trust and what it looks like
- Understand what registration and disclosure obligations there are
- Provide advice and guidance to Trustees on their obligations from a New Zealand tax perspective
Suited to:
Intermediate to senior accountants and lawyers that advise on matters for Trust and Estate clients
Total of CPD Hours: 1.25 (1 hour 15 min)
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.