1.25 CPD hours

  • On Demand Event
    Complete online in your own time (Self-paced)
    • $180.00 excl. GST

Description

Overlooking the GST implications of property transactions can be an expensive mistake – for both clients and their advisers. Failing to correctly advise on the GST implications of property transactions is one of the leading causes of professional indemnity claims for accountants and lawyers.

This webinar considers practical issues arising with GST and property transactions, including applying the compulsory zero-rating rules, dealing with unexpected GST issues arising on the sale and purchase of property, understanding when a one-off subdivision amounts to a “taxable activity”, and deciding whether a property is a “commercial dwelling”, a “dwelling” or neither.

Common errors relating to over claiming secondhand goods credits on supplies between associated persons, accounting for GST in the wrong taxable period and failing to account for GST correctly on de-registration will also be discussed.

LEARNING OUTCOMES

You will:

  • Understand when GST needs to be accounted for on the provision of short-term accommodation.
  • Learn about the problems that can arise in applying the compulsory zero-rating rules to the sale of land, and how to deal with “price uncertainty”.
  • Know when services (including tax advice) supplied in connection with land transactions can be zero-rated.
  • Understand how the “time of supply” rules apply to property.
  • Learn helpful tips on claiming secondhand goods credits.
  • Understand when a one-off subdivision can amount to a “taxable activity”.
  • Learn the correct GST treatment of rates, insurance and rent apportionments when land is sold.
  • Know how GST should be accounted for on de-registration.

SUITED TO

Intermediate and senior accountants, tax lawyers, commercial lawyers, property lawyers and others who advise clients on property transactions.

ORIGINAL BROADCAST DATE

10 August 2017

PRESENTER

Stephen Tomlinson, Partner, Tomlinson Law