There have been a number of changes to the GST rules as they relate to land owners over the last few years. Knowing when you can or should register for GST, although simple on its face, has become more complicated. This includes recent IRD Interpretation Statements on Farmhouses, Standing Timber, and on-sale of contracts to buy or sell land. Then, once registered, determining whether you need to make any use adjustments, and whether any transactions are or should be zero-rated can be a mine field. The impact of GST must be understood for an increasing number of property owners and how they apply can change in seemingly similar situations. Therefore, whether you are a property developer, landlord, undertaking a small subdivision or renting out a spare room on Airbnb, the GST rules can have a significant impact which must be understood.
The session will provide an overview of the relevant GST rules and how they might apply in relation to a variety of land transactions, with practical examples.
In particular the webinar will cover:
- When must or can a land owner register for GST?
- Zero-rating of land – when and how the rules apply
- The application of apportionment rules that can apply
- Associated Use
- Impact on other assets.
The webinar will cover a variety of practical examples, including how the rules apply to land owners.
Upon satisfactory completion of this activity you will be able to:
- Understand when you or your client must register for GST, if they have an interest in land
- Determine whether any sale or purchase will be zero-rated and what happens if things aren’t what they seem on the face of the Agreement
- Understand when and how the apportionment rules apply
- Consider the impact that GST registration relating to land use can have on other assets
- Apply these to practical situations.
Total CPD Hours: 1.25 (1 hour + 15 min. Q&A)
Daniel Gibbons, Partner, Findex/Crowe
Daniel is a Partner for Findex in Queenstown. Daniel has been with Findex for 13 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.
- 5 May 2021
2:00 pm - 3:15 pm