Description

The complete guide on on the latest income tax rules for land sales, including the new bright-line test, taxation of various professionals, and Inland Revenue's current compliance focus

This webinar provides a complete overview of when the sale of land is subject to income tax and will keep you up-to-date with recent changes in the rules, situations where the application of the rules is not clear, and Inland Revenue’s current tax compliance focus. Topics covered include the application of the new bright-line test (including the application of rollover relief), the taxation of dealers, developers, builders and associated persons, the taxation of subdivision and development schemes, and the application of the various exclusions.

LEARNING OUTCOMES

You will:

• Know when the sale of land will be subject to income tax
• Learn about when rollover relief from the bright-line test will apply
• Understand when a person will be treated as a “dealer”, “developer” or “builder”, and what income tax implications flow from this
• Know when subdivisions and other land developments will be subject to income tax, including the income tax treatment of retained land
• Understand what income tax issues arise when land is transferred between associated persons
• Learn about the various exclusions that apply, including the main home exclusion to the bright-line test
• Be aware of Inland Revenue’s current tax compliance focus

SUITED TO

Junior and intermediate accountants, property lawyers and others who advise clients on land transactions.

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law

Stephen has lectured in taxation, finance and business law at the University of Canterbury and is a well-known presenter of taxation and trust seminars and webinars. Stephen advises accounting firms, law firms, property developers and property investors on a wide range of tax issues. He is a member of the NZLS taxation committee and takes an active interest in law reform, particularly in relation to the taxation of land transactions.