Many clients use trusts to hold income-earning assets and investments. With the advent of the Trusts Act 2019 clients have been reviewing their trust arrangements. This review may result in a recommendation to wind up the trust. The winding up of a trust may trigger income tax and GST obligations. These may arise from the sale of assets or their distribution to beneficiaries as part of the wind up. The focus of this webinar will be on taxation issues associated with winding up a trust.

Issues examined will include:

• Income tax rules applying to distributions from trusts
• GST rules applying to distributions from trusts
• Cash distributions versus in-kind distributions
• Potential trustee liability for trust tax debts 
• Impacts on shareholder continuity, the bright-line test and depreciation claims

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