This is Part 1 of a four-part series which covers the relevant taxation considerations that Real Estate Agents and others working in the real estate industry need to know.
The series will begin with an introduction to the various income tax and GST considerations that apply to property sales, such as mixed-use assets for income tax purposes, loss ring-fencing, and GST treatment of land transactions involving commercial and/or short term accommodation.
The series will include relevant real-life scenarios and will also take into account the impact of COIVD-19 on the industry.
Upon satisfactory completion of Part 1, you will be able to:
- Understand the basics of income tax and how it pertains to property transactions, including an overview of:
- General income tax and filing obligations for both resident and non-resident property owners and property transactions;
- Consideration of costs that can be claimed, including interest deductions on loans and the distinction between revenue and
capital for costs such as R&M, healthy homes improvements, leaky home repairs, and general renovations;
- Impact of private use of assets and what adjustments are required;
- The various taxation of land rules, including the bright-line rule for residential land sales;
- The rules around the ring-fencing of rental losses;
- The depreciation rules, including the reinstatement of commercial building depreciation;
- Consideration of the new Loss Carry Back Rules in relation to property activities.
- Understand the basics of GST as it pertains to property ownership and property transactions, including:
- GST registration requirements and how this applies to different property activities;
- Application of GST to different property transactions, including when a property can be zero-rated;
- Overview of the adjustments that apply to property for a mix of taxable and non-taxable use, with a particular focus on key
issues that apply due to COVID-19, including change in use of properties (including Airbnb to long-term residential).
Total CPD Hours: 1.25 (1 hour plus 15 minutes Q&A)
The course is suitable to anyone involved in the property industry, including:
- Real Estate Agents
- Property Brokers
- Property Managers
- Property Valuers
- Property Owners/Investors
Daniel Gibbons, Associate Partner, Findex/Crowe
Daniel is an Associate Partner for Findex in Queenstown. Daniel has been with Findex for 12 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 August 2020
9:30 am - 10:45 am