The webinar will review the income tax and GST rules and IR practices that relate to the disposal of business fixed assets. The webinar will provide a detailed review of the general rules on disposal of fixed assets. It will also 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
• Business land & buildings
• Insurance claims
• Relationship Agreements
• Other

GST

• Zero rate land sales
• Repossession under a hire purchase
• Secondhand Goods
• Associated person transfers

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

• understand the rules and principles better
• better deal with less common situations
• have a greater awareness of difference between a residential and commercial building for income tax purposes

This course will be suited to: 

• intermediate through to advanced accountants in public practice who are preparing financial statements, GST returns and tax returns
• accountants employed by SME businesses.

1.25 CPD hours

PRESENTER

Mike Hadwin, Director, Symmetry Advisory

Mike is a regular presenter for TEO Training. You will learn from Mike’s 40 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.