The webinar will review the rules and issues that relate to the disposal of business fixed assets. The webinar will consider the general rules and look at the disposal of some specific types of assets.

The webinar will provide a detailed review of the general rules on disposal of fixed assets. It will identify technical issues and provide practical explanations of the key tax considerations for the disposal of some specific assets. This webinar will not consider the bright-line test.

The issues/areas covered in the webinar will include the following:

Income Tax

• Depreciation recovery income
• Early termination of a finance lease
• Early termination of a hire purchase
• Transfers between associates
• Insurance claims
• Business land and buildings

GST

• Time of supply
• Value of supply
• Repossession under a hire purchase
• Zero rate land sales
• Associated person transfers

Upon satisfactory completion of this activity you will be able to:

• understand the rules and principles better
• identify relevant tax issues
• have a greater awareness of tax implications in each of the areas

Total CPD Hours: 1.25 (1 hour + 15 min. Q&A)

Suited to:

This course will be suited to intermediate through to advanced accountants in public practice who are preparing financial statements, GST returns and tax returns. It will also be suitable for accountants employed by SME businesses.

PRESENTER

Mike Hadwin, Director, Symmetry Advisory

Mike is a regular presenter for TEO Training for 18 years. You’ll learn from Mike’s 30-plus years of tax experience as a public CA and facilitator. His clear presentation style enables you to quickly understand and apply practical learning concepts to common situations you may face in your role.