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Courses/Accounting & Tax/Tax Planning & Compliance

Taxation of Trusts: Income, Distributions, Compliance

Taxation of Trust Income and Distributions: Ensuring Compliance and Beneficiary Tax Efficiency

Created byTEO Training
BeginnerUpdated Jan 21, 2025
Taxation of Trusts: Income, Distributions, Compliance

What You'll Learn

check_circleUnderstand the tax rules around beneficiary income.
check_circleBe better equipped to ensure your clients’ trusts remain complying trusts.
check_circleIdentify the tax implications of settlors, trustees, or beneficiaries becoming non-resident.
check_circleUnderstand how distributions from complying, foreign, and non-complying trusts are taxed.
check_circle Identify potential tax issues associated with trust resettlement.
check_circleBe aware of potential issues around debt forgiveness claw back.

About This Course

Part 1: Beneficiary Income and Complying Trust Status

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.

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?

 

Part 2: Distributions and Debt Forgiveness

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.

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 taxed?

 

Suitable for:

  • 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.

Your Instructors

TEO Training
TEO Training
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TEO Training provides practical learning experiences on primarily tax-related topics for accountants, lawyers and business advisors across New Zealand.

Stephen Richards
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.

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