22 Taxation of Trusts part 1 (webinar recording)

Prices NZD and excl. GST - Broadcast Date: 1 February 2022

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Product Description

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 prevent a trust being a complying trust

• Who is a settlor for tax purposes?

• What happens when the trust settlors, 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 

1.25 CPD hours

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. 

PRESENTER

Stephen Richards is Partner in the Tax Advisory team at Findex/Crowe, the largest accounting firm in New Zealand specialising in the SME/HNWI space.

Stephen has been practising in tax advisory for over 23 years and is a sought-after speaker on tax topics, including for CCH, CAANZ, and TEO Training courses and lecturing at the University of Otago.

Stephen is renowned for making complex topics understandable.

 

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 prevent a trust being a complying trust

·        Who is a settlor for tax purposes?

·        What happens when the trust settlors, 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

 

 

1.25 hours

 

·        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.

Stephen Richards is Partner in the Tax Advisory team at Findex/Crowe, the largest accounting firm in New Zealand specialising in the SME/HNWI space.

Stephen has been practising in tax advisory for over 23 years and is a sought-after speaker on tax topics, including for CCH, CAANZ, and TEO Training courses and lecturing at the University of Otago.

Stephen is renowned for making complex topics understandable.