This webinar covers key income tax considerations that advisors and their clients need to be aware of for the allocation (or not) of income to associated family members / entities.

The webinar focuses on the potential impact of the Penny & Hooper case in the light of the 2021 increase in the personal top marginal tax rate and the 2024 increase in trust tax rates.

Where are the pressure points and what should advisors and taxpayers be thinking about?

Ten years ago, the Supreme Court ruled in IR’s favour in the ‘Penny & Hooper’ case. This set the principle that while a structure or arrangement may be lawful, the outcome may not be.

With the recent increase in the personal top tax rate, we find ourselves, once again, in these murky waters. The case and the 2021 tax rate changes bring a broad range of activities and circumstances into question. In this webinar, we will review the principles, risks and factors to be considered in this area. Topics we will be covering will be:

• Penny & Hooper V CIR
• Revenue Alert 10/01
• Philippa White v CIR
• PUB 00305 – Dec 20
• Revenue Alert 21/01
• IRD activity since 2021 and what the data is saying

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

• better understand the income tax issues associated with income attribution
• make better decisions in allocating profits at year end
• advise SME clients more confidently on income allocation/attribution

Suited to:

• intermediate through to advanced accountants in public practice
• corporate accountants.

Total CPD Hours: 1.00 (55 mins content + 5 mins Q&A)

PRESENTER:

Scott Mason, Senior Partner, Findex
Scott Mason has over 30 years’ experience advising on tax matters, primarily for larger owner-managed businesses throughout NZ. He is a regular presenter for TEO Training and CCH, and a member of the CAANZ Tax Advisory Group. Scott is a professional director across a range of industries. Scott is renowned for making complex issues understandable.