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.

Part 2 – Distributions, Resettlement and Disclosure (1.25 CPD)

The focus of this webinar will be on taxation issues associated with distributions and resettlements, compliance issues such as the foreign trust disclosure rules and new financial reporting requirements.

Issues examined will include:

• How are resettlements and distributions of trust assets treated from an income tax and GST perspective?
• When can forgiven debts be clawed back as income?
• How are distributions from foreign trusts and inheritances taxed?
• What disclosures must I make as a NZ resident trustee of a foreign trust?
• What are the new financial reporting and disclosure requirements in relation to complying and non-complying trusts?

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

• Understand how distributions from complying, foreign and non-complying trusts are taxed
• Identify potential tax issues associated with trust resettlement
• Be aware of the foreign trust disclosure requirements
• Be aware of the new financial reporting and disclosure obligations of trusts

This course is 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

Mike Hadwin, Director, Symmetry Advisory Ltd

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.