The tax opportunities & risks when winding up a company or trust
Recorded 5 June 2020 & 12 June 2020
Opportunities to extract profits/assets in a tax effective manner Identify the risk areas that need to be managed Utilising the concessions that are built into the tax rules
There are a range of reasons why a client might decide to wind up a company or trust. This series looks at the key issues that accountants need to identify and manage when working through this process.
We look at the opportunities for extracting cash and assets from a company or trust in the most tax effective manner as well as the risk areas that can inadvertently be triggered when these entities are being closed down.
What we cover
Webinar 1: Friday, 5 June Winding up a Company
Part 1 of the series looks at specific issues that arise when winding up a company.
We look at:
Using the Archer Bros principle to extract tax-free capital gains from a company in the most tax efficient manner
The different ways of winding up a company
Dealing with Division 7A loans that are owed to the company
Tax issues that need to be considered before releasing any unpaid trust distributions owed to the company
Using the small business CGT concessions to extract funds from a company and how the Government's recent changes can impact on this
Webinar 2: Friday, 12 June Winding up a Trust
Part 2 of the series looks at issues that arise when a trust is wound up.
We look at:
The difference in treatment between unit trusts and discretionary trusts
Dealing with the forgiveness of debts or unpaid distributions owed by the trust
CGT issues that need to be considered when assets are transferred to beneficiaries
Identifying and managing possible Division 7A issues that could be triggered
Step by step guide to working through the commercial debt forgiveness rules
Our Presenter Michael Carruthers
Tax Director, Knowledge Shop
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Easton group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy. Michael is a member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions.
He was also an expert panel member for the Board’s review of tax impediments facing small business.
Michael Carruthers
Tax Director, Knowledge Shop
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