20 Writing Off Loans - Tax implications of debt remission (Webinar)
Prices NZD and ex GST - Broadcast Date: 10 September 2020
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Product Description
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. However, there are circumstances where a debt can be written off without triggering income. In other cases, the write off will result in a dividend rather than income under the financial arrangement rules.
This course will consider the tax implications of writing off debt including
- When the dividend rules apply rather than the financial arrangement rules
- The requirement to undertake a base price adjustment
- The self-remission rules for LTCs and partnerships
- The economic group remission rule
- The availability of deductions for the creditor
Upon satisfactory completion of this activity you will be able to:
- Identify when a dividend arises rather than debt remission income
- Complete base price adjustment calculations
- Apply the self-remission and economic group exclusions from debt remission income
- Determine whether a deduction is available to the creditor
Total CPD Hours: 1.25 hrs (including 15 mins Q&A)
Suited to:
Accountants and lawyers wanting to understand the tax implications of writing off and remitting debts.
PRESENTER
Ryan Watt, Associate Partner – Tax Advisory, Findex/Crowe
Ryan has a wide range of clients from privately owned New Zealand companies to multinational groups, to whom he provides a broad spectrum of tax, mergers and acquisitions, and transaction services advice.
Ryan specialises in providing advice on international tax, mergers and acquisitions/transaction services, corporate tax matters, property tax, trans-Tasman tax and agriculture (including aquaculture).