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.

This two-webinar 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.

PART 1 – Beneficiary Income and Complying Trust Status

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 (1 hour plus 15 minutes Q&A)

To purchase Part 1 only, please click here

PART 2 – Distributions and Debt Forgiveness

The focus of this webinar will be on taxation issues associated with distributions from complying, foreign, and non-complying trusts. Issues examined will include:

• How are resettlements and distributions of trust assets treated from an income tax and GST perspective?
• When trustee debts can be forgiven for natural love and affection, and when that forgiven debt may be clawed back as income?
• How are distributions from foreign trusts and foreign inheritances are taxed?

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 potential issues around debt forgiveness claw back

1.25 CPD hours (1 hour plus 15 minutes Q&A)

To purchase Part 2 only, please click here

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 20 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.