This webinar will review the income tax and GST rules and IR practices that relate to the disposal of business fixed assets. It 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. The webinar will not consider the bright-line test.

The issues/rules 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:

• articulate the rules and principles
• negotiate less-common situations
• explain the difference between a residential and commercial building for income tax purposes

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.

Duration: 1 CPD hour (55mins + 5 mins Q&A)

PRESENTER

Mike Hadwin, Director, Symmetry Advisory
Mike is a regular presenter for TEO Training. You’ll 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.