The end of a personal relationship may involve the division of relationship property between the parties. The division of tax base property between the parties to the relationship and any sale of that property to third parties will have taxation consequences. The Income Tax Act 2007 has concessionary provisions designed to mitigate the income tax consequences. Unfortunately, the Goods and Services Tax Act 1985 does not, which can lead to adverse GST outcomes.

This webinar will:

• Examine what is required to ensure a division of relationship property comes within the concessionary income tax rules
• Provide an overview of how the concessionary income tax rules work
• Consider the application of the Bright-line test when relationship property includes residential land
• Highlight the potential GST pitfalls and things to consider
• Discuss tax planning and anti-avoidance issues concerning the use of relationship property agreements

Upon completion of this webinar attendees will:

• Be able to identify how the income tax rules apply to the division of relationship property and when concessionary treatment will be available
• Be aware of the potential GST issues the arise from the division of relationship property and how to address them
• Aware of potential tax planning opportunities and anti-avoidance concerns
• Better able to advise their clients of the tax consequences of the division of relationship property

1.25 CPD hours duration

PRESENTER

Stephen Richards, Partner – Tax Advisory, Findex/Crowe

Stephen Richards is Partner in the Tax Advisory team at Findex. Findex is one of the largest providers of integrated financial advisory and accounting services to individuals, SMEs, and corporates in Australasia. Stephen has been practising in tax advisory for over 20 years and is a sought-after speaker on tax topics, including for CCH, CAANZ, and TEO Training courses and lecturing in taxation practice at the University of Otago. Stephen is renowned for making complex topics understandable.