Understanding the key tax issues for trusts, trustees and beneficiaries of trusts through a series of comprehensive, practical, worked examples.
Drawing on material from the newly published Practical Tax Examples book, this session (in our webinar series), will examine key tax concepts surrounding the treatment of tax issues by working through examples taken from the book, explaining how tax law and administrative practice applies to real life situations, and how that can translate into a tax outcome for your clients.
Examples are deliberately framed to reflect real life client situations and issues that you might encounter on a daily basis, as well as some of the more complex and unusual outcomes that can apply.
During the webinar, you will be guided through practical worked examples illustrating the following tax topics:
• Calculating net trust income and tax payable by trustees and beneficiaries in different scenarios
• Family groups: how family trust elections work, when to make them, who they apply to and when interposed entity elections are needed
• Net trust income; applying the proportionate approach to trust distributions
• Using trust losses; understanding the income injection test and the pattern of distribution test
Webinar Learning Outcomes:
Participants will gain an understanding of the tax issues relevant to trust, their trustees and beneficiaries, both in theory and when applied to common client situations, as explored through our practical worked examples. The knowledge gained can then be taken back to the office to be applied to your present and future clients.
This webinar provides an introductory and intermediate level of knowledge ideal for the development of staff within tax agent and accounting practices who act for clients with trusts, as well as clients who are trustees or beneficiaries of trusts. The session is also relevant for others with an interest in trust tax issues, including lawyers.
Mark Chapman is the author of Life and Taxes: A Look At Life Through Tax published by Wolters Kluwer in July 2017. He has over 25 years’ experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a member of the Institute of Chartered Accountants in England and Wales, the Chartered Institute of Taxation and is a fellow of CPA Australia. He holds a Masters of Taxation Law with the University of New South Wales.
Since 2015, Mark has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australian in 2007 to join the Australian Taxation Office (ATO) as a senior director.
You will be provided with:
• PowerPoint Presentation slide deck
• Any Supporting Documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter