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Taxation of Trusts: Rates, Income, Distribution & Compliance

Understand key taxation issues in trusts, including beneficiary income, trust distributions, and maintaining complying trust status.

Created byTEO Training
BeginnerUpdated Jan 22, 2025

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_circleBe aware of potential issues around the trustee tax rate change.

About This Course

Taxation of Trusts  – 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 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., foreign investment fund (FIF) income, be distributed to beneficiaries?
  • How do the timing rules around beneficiary income work?
  • How are tax credits allocated to beneficiaries?
  • What types of trustee income prevent a trust from being a complying trust?
  • Who is a settlor for tax purposes?
  • What happens when the trust’s settlor, trustees, or beneficiaries become non-resident?

 

Taxation of Trusts – Part 2: Distributions and Trustee Tax Rate Change

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. It will also consider the impending increase in the trustee tax rate to 39%.

Issues examined will include:

  • How are distributions of trust assets treated, from an income tax and GST perspective?
  • How are distributions from foreign trusts and foreign inheritances taxed?
  • What considerations are there when paying dividends to trusts before the increase in the trustee tax rate?
  • What guidance Inland Revenue has provided on what is considered legitimate and illegitimate restructuring of trust activities, in the lead-up to the tax rate change?

 

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.

Course Content

2 activities • 2 videos • duration: 2h 22m

  • videocamTaxation of Trusts - Part 1
    Duration 70:29

Your Instructors

TEO Training

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star230 reviews

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

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.

Credit Information

Professional development requirements vary by profession, country, and regulatory body. Before enrolling, review the course details and confirm that the content, learning format, and any listed credits meet your specific requirements. You are responsible for confirming eligibility with your regulator or professional association and keeping the records required for reporting.

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Frequently Asked Questions

We are a registered provider with 300+ associations and regulatory bodies worldwide. We operate across 27 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.

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