Trusts are used to hold personal assets as well as income-earning assets and investments. When a trust has outlived its purpose or reached the end of the trust’s term it will need to be wound up. The winding up of a trust may trigger income tax and GST obligations. These may arise from the sale of assets or their distribution to beneficiaries as part of the wind up.

The focus of this webinar will be on taxation issues associated with winding up a trust.

Issues examined will include:

• Income tax rules applying to distributions from trusts
• GST rules applying to distributions from trusts
• Cash distributions versus in-kind distributions
• Potential trustee liability for trust tax debts
• Impacts on shareholder continuity, the bright-line test, and depreciation claims

Upon satisfactory completion of this activity, you will be able to:

• identify potential income tax and GST issues associated with winding up a trust.

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: 1.00 (50 mins content + 10 mins Q&A)

PRESENTER

Stephen Richards, Partner – Tax Advisory, Findex/Crowe

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.