Description

Identifying what adjustments may be required for income tax when land has a mixed use can sometimes be difficult. The rules have changed to remove the mixed-use asset rules for GST but they continue to apply for income tax purposes. Consideration does need to be given to any impact of mixed use from a GST perspective however.

In particular the webinar will cover:

• Income tax treatment of land that is a “mixed-use asset’;
• The treatment of land that is used for a variety of purposes, including some business and some private use for both income tax and GST purposes even if not a “mixed-use asset”;
• The implications of the “mixed-use asset” rules and quarantining of losses where residential rental income is generated.

The webinar will cover a variety of practical examples including how the rules apply and what the limitations maybe applicable.

Finally, we will touch on different outcomes that arise depending on the ownership structure of property.

LEARNING OUTCOMES

Upon satisfactory completion of this webinar, you will be able to:

• Identify which of the income tax and GST rules might apply where there is a mixed use of land;
• Be able to apply the mixed-use asset rules for income tax purposes;
• Advise clients on the differences in taxation treatment when land is used for different purposes;
• Advise on the implications of quarantining for residential rental properties.

SUITED TO

This webinar will be suited to:

• Accountants and Lawyers with clients that have assets used for mixed purposes.

PRESENTER

Daniel Gibbons, Partner, Findex/Crowe (presenting on behalf of TEO)

Daniel is a Partner for Findex in Queenstown. He has been with Findex for 17 years, where he advises on a wide range of tax matters, including property transactions and property ownership structures, international taxation issues, the tax treatment of investments and providing structuring advice to clients, including assistance for family group restructures. Daniel is recognised as a leader in the taxation treatment of short stay accommodation, providing training to other practitioners.