When a Will is made, tax considerations are often overlooked. As a result, the death of a taxpayer can have wide-reaching and unexpected taxation consequences. The consequences can be even wider if the deceased was also a partner in a partnership.

Topics covered in this webinar will include:

• Income tax consequences of asset transfers on the death of an individual, including:
  ~ When is a market value disposal of assets deemed to occur?
  ~ How do the tax rules apply for different asset classes in an estate?
  ~ When is “rollover relief” available?
  ~ What if the person was a partner in a partnership?
• GST considerations on the death of an individual taxpayer and a partner.

The webinar will be a mix of the technical rules that apply and practical examples to highlight the interplay of some of the relevant tax rules that need to be worked through to assess the tax outcomes for all concerned, including not only the rules applying to the death of an individual but implications and considerations if the deceased was also a partner in a partnership.

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

• identify the relevant rules and key issues to be addressed upon the death of a taxpayer and a partner.
• understand the implications of the creation of trusts under a will.
• provide advice to clients in relation to the taxation issues arising from the death of a partner.
• work through relevant income tax and GST considerations arising from the death of an individual, dissolution of a partnership or the disposal of a partner’s interest.

This course will be suited to:

• accountants and lawyers who act for partners or partnerships and advise on partnership issues and agreements
• accountants, advisors and lawyers who advise on wills and who manage or administer estates.

Total CPD Hours: 1.25 (1 hour 15 min)

PRESENTERS:

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.