Description

Discover the unexpected taxation consequences of a taxpayer's death, especially if they were a business partner. We'll cover income tax implications of asset transfers, GST considerations, and provide practical examples to navigate these complex tax rules effectively.

Wills are often not made with taxation in mind. As a result, the death of a taxpayer can have wide-reaching and unexpected taxation consequences. The consequences can be even wider if the person was also a partner in a business partnership.
Topics covered in this webinar will include:

• Income tax consequences of asset transfers on the death of an individual, including:
• When is a market value disposal of assets deemed to occur?
• How do the tax rules apply for different asset classes in an estate?
• When is “rollover relief” available?
• What if the person was a partner in a partnership?
• GST considerations on the death of an individual taxpayer and a partner in a business partnership.

The webinar will be a mix of the technical rules that apply and practical examples to highlight the interplay of some of the relevant tax rules that need to be worked through to assess the tax outcomes for all concerned including not only the rules applying to the death of an individual but implications and considerations if the deceased was also a partner in a partnership.

LEARNING OUTCOMES

SUITED TO

PRESENTER

Nola Crafar, Senior Manager, Findex/Crowe on behalf of TEO

Nola is a Senior Manager for Findex in the Dunedin Tax Team.  Nola has been with Findex for over 15 years, where she advises on a wide range of tax matters, including property transactions and property ownership structures, structuring opportunities for businesses including relationship property considerations, providing advice on the tax treatment of transactions for clients and other professional advisory firms and managing Inland Revenue Department queries, disputes and debt relief applications.