Description

Key Issues and Proposed Changes.

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

A post-implementation review of these rules took place in 2024, and a number of changes to the rules to make them easier to comply with are currently being considered.

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.

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 what changes to the rules are being considered following the post-implementation review of the rules
• 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

Stephen Tomlinson is the principal of Tomlinson Law. Stephen has lectured in taxation, finance and business law at the University of Canterbury and is a well-known presenter of taxation and trust seminars and webinars. Stephen advises law firms, accounting firms and other clients on a wide range of taxation and trust law issues. Stephen is a member of The Law Association of New Zealand trust law committee and the New Zealand Law Society taxation committee, and was involved in consultation on the domestic trust reporting rules (including the post-implementation review).