Hoops, Hooks and Hurdles for Trustees: New Reporting Requirements for Domestic Trusts (Paper)

Materials comprised of a Paper and PowerPoint Handout.

Presenters:

Stephen Tomlinson, Principal, Tomlinson Law
Geordie Hooft, Director, Hooft Consulting Ltd

Chair: Bill Patterson, Managing Partner, Patterson Hopkins

Synopsis:

Most domestic trusts that are required to file income tax returns will also need to comply with new reporting rules. These rules were enacted under urgency and with no prior consultation with stakeholders. The content of these rules, and the way in which they were enacted, were heavily criticised by practitioners. However, consultation between Inland Revenue and key stakeholders on how these rules will apply in practice has blunted the hard edges of the rules and should make it easier to comply.

These materials will help you:

• Know which trusts are subject to the new reporting rules.
• Learn what information is required to be provided and how to provide it.
• Understand the impact of the new rules on the preparation of financial statements for trusts.
• Gain insights into Inland Revenue’s operational approach to the new rules.
• Learn how to minimise the impact of the new rules.

Intended Audience:

All lawyers who advise on trust law matters, all lawyers who act as independent trustees, accountants that prepare financial statements and file income tax returns for trusts, and other professionals who act as or advise independent trustees.