In keeping
with Labour’s pre-election
promise, the increase in the top
personal tax rate has not been
accompanied by an increase in
the trustee tax rate. An increase
in the trustee tax rate is not
off the table, however, as the
Government has only deferred the
decision whether to increase the
trustee tax rate until after the
Government has received information
on how taxpayers are using trusts
to circumvent the 39% tax rate.
In the interim, the Government
has directed Inland Revenue to
undertake further work on integrity
measures to buttress the 39% tax
rate. As such, while trusts can
(for now) be used to mitigate
the impact of the increase in
the top personal tax rate, the
tax landscape is likely to change
in the future and taxpayers (and
their advisers) need to tread
carefully.
Where clients
already have trust structures
in place, lawyers and accountants
have been reviewing those structures
to ensure they are “fit
for purpose” before the
Trusts Act 2019 comes into effect
on 30 January 2021. This review
will often result in distributions
being made, debts being forgiven,
trust property being transferred
to other structures, and trusts
being varied, resettled or wound
up. Significant tax implications
can arise when a trust is resettled
or the trust is wound up. These
tax implications need to be considered
carefully.
For these reasons,
we have decided to base this year’s
seminar on the taxation of trusts.
By attending this seminar, you
will know how trusts can be used
to minimise tax following the
increase in the top personal tax
rate to 39%, learn about the new
reporting rules for trusts and
what other information Inland
Revenue can request, and understand
how distributions and resettlements
are taxed, and how to deal with
any tax issues arising.
The seminar will
be held on Wednesday, 24 February
2021 at Addington Raceway and
Events Centre. The presentation
will make extensive use of case
studies to illustrate the issues
arising.
Click the seminar
flyer/registration form for further
details or enrol below.
SEMINAR DETAILS
When:
Wednesday, 24 February 2021, 3pm
– 5pm (drinks and nibbles
to follow).
Where:
Addington Events Centre, 75 Jack
Hinton Drive, Addington, Christchurch.
Cost:
$225 incl GST for the first attendee;
$185 incl GST for the second and
every subsequent attendee. Tomlinson
Law
Gold Retainer Clients qualify for
a special rate of $150 incl GST
per attendee. Tomlinson Law Platinum
Retainer
Clients qualify for a special rate
of $112.50 incl GST per attendee.
An invoice with payment details
will be sent
upon receipt of a completed registration
form.
RSVP:
By Friday, 19 February 2021 to
Dawn Holland by post, email, fax
or via the “upcoming seminars”
tab on
www.tomlinsonlaw.co.nz. Contact
details are set out in the footer
to the flyer.
Tomlinson Law works
closely with Wolters Kluwer, CCH New
Zealand Limited, to provide current
and informative webinars for accountants,
lawyers and other business professionals.
Each webinar is 90 mins long, which
includes a 15 minute question and answer
session at the end where attendees may
ask questions.
If you cannot attend
a webinar, all webinars are recorded
and are available for purchase as “on
demand” for you to watch and listen
to at a time that is convenient for
you. To view the upcoming webinars for
this year (or purchase any of the previously
held webinars now on demand from this
year and prior years), please
click here.
