22 Lifestyle Blocks – The income tax and GST rules (webinar)
excl. GST - Broadcast Date: 18 October 2022
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Product Description
Lifestyles blocks are often akin to taxation no-man’s land. Not a farm. Not a house. But something in between.
This webinar will work through the income tax and GST rules as they apply to lifestyle blocks.
We will consider whether lifestyle blocks are a business, and if so at what point. We will look at the bright-line rules as they might apply.
We will consider the interest deductibility rules as enacted and how those rules apply. We will look at whether the lifestyle block is a mixed-use asset or subject to residential loss ring-fencing.
We will work through the GST rules to help decide when a lifestyle block is a taxable activity and when it is not.
The course will use practical examples to highlight the issues and the considerations.
Upon satisfactory completion of this activity you will be able to:
• Understand how the general income tax rules apply to lifestyle blocks.
• Understand whether a lifestyle block is subject to bright-line and interest deductibility limitations.
• Provide advice to clients on specific risks and benefits of GST registration when dealing with lifestyle blocks.
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
All accounting levels
PRESENTER:
Daniel Gibbons, Partner, Findex/Crowe
Daniel is a Partner for Findex/Crowe in Queenstown. Daniel has been with Findex/Crowe for 14 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.