Description

Key Issues and Proposed Changes

Most trusts that are required to file income tax returns are required to comply with the domestic trust disclosure rules and financial reporting rules.

Following feedback on these rules, a number of changes have been proposed for the 2023/24 income year. A full post-implementation review of the rules is scheduled to take place in 2024.

This webinar considers the application of the domestic trust disclosure rules and the financial reporting rules, including which trusts these rules apply to (along with the application of these rules to estates), what information is required to be disclosed, and how that information is required to be provided.

This webinar will also examine common transactions which give rise to settlements and distributions, including trusts that hold family homes and holiday homes.

ORIGINAL BROADCAST DATE

15 February 2024

LEARNING OUTCOMES

You will:

• Know which trusts are subject to the reporting rules
• Understand when, and how, the rules apply to estates
• Learn what information is required to be provided and how to provide it
• Be able to identify transactions which give rise to settlements or distributions which need to be disclosed
• Understand the impact of the rules on the preparation of financial statements for trusts
• Know about the proposed changes to the rules for the 2023/24 income year
• Learn how to minimise the impact of the rules

SUITED TO

All accountants that prepare financial statements and file income tax returns for trusts, lawyers who advise on trust law matters, and professionals who act as or advise independent trustees.

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law.