Knowing how and when to apply the GST adjustment provisions has been made harder as a result of recent changes to the change of use rules. The changes were intended to simplify change of use adjustments for taxpayers, but they have achieved the opposite in practice. The timing of the purchase of the asset and the change in its use can make all the difference to what change is to be made and the amount of the adjustment.

In this webinar, we will go through the different adjustment rules that can apply when there is mixed or varied use of property and when there is a simple change from fully taxable to non-taxable or vice versa.

The session will provide an overview of the rules and how they might apply including a discussion on and the application of the new permanent use change rules introduced from 1 April 2023 and the IRD approach being taken in relation to change of use adjustments generally in recent times.

In particular, the webinar will cover:

• Implications when a previously owned asset is brought into a taxable activity
• Impact on assets if a person ceases to be registered for GST
• Concurrent use of assets (taxable and non-taxable use at the same time)
• Examples of varied use (change of use rules)
• Permanent change of use adjustments
• Associated Persons and varied use

The webinar will cover a variety of practical examples, addressing how the adjustment provisions apply to a variety of assets including land, buildings, and motor vehicles, for example.

Upon satisfactory completion of this course, you will be able to:

• Understand when the change of use adjustment rules apply and the interplay between these and the permanent use changes
• Calculate an adjustment under the relevant adjustment rules
• Apply these to practical situations

Suited to:

Accountants at all levels.

Total CPD Hours: 1.25 (1 hour 15 min)

PRESENTERS:

Nola Crafar, Senior Manager, Findex/Crowe

Nola is a Senior Manager for Findex in the Dunedin Tax Team. Nola has been with Findex for over 15 years, where she advises on a wide range of tax matters, including property transactions and property ownership structures, structuring opportunities for businesses including relationship property considerations, providing advice on the tax treatment of transactions for clients and other professional advisory firms and managing Inland Revenue Department queries, disputes and debt relief applications.