22 Real Estate Agents - Personal Tax Obligations (Webinar Recording)
excl. GST - Broadcast Date: 11 May 2022
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Product Description
This course is focused on what Real Estate Agents need to know.
It will address the relevant taxation considerations that those working in the industry need to know.
We will cover the various income tax and GST considerations that apply to Real Estate Agents and the impact this will have on other activities or assets.
We will look at the IRD’s view on relevant matters and explain the implications for you. Real Estate Agents are one of the current industry focuses for the IRD and there have been a number of reviews/audits in the past 12 months.
Upon satisfactory completion this webinar, you will be able to:
• Understand the different income tax and filing obligations, including:
o Consideration of Independent Contractors vs employees;
o Overview of how Withholding Tax regime and how it applies to agents;
o Overview of provisional tax and options to best manage your obligations;
o What costs can be claimed as part of activity;
o What private use adjustments need to be considered on assets like motor vehicles and options for private use;
o How the entertainment/sponsorship rules apply;
o Consideration of home office claims;
o Implications if an agent is paid a retainer, if new to the industry or to assist during a COVID-19 downturn;
o The interplay between the Real Estate Agent role and property ownership considerations.
• Understand the key considerations from a GST perspective, including:
o Requirements to be GST registered;
o IRD’s view on GST registration and the property rental activities that it may impact;
o Overview of the ongoing obligations of being GST registered;
o Consideration of accounting and returning GST;
o Invoicing requirements;
o Consideration of what costs can be claimed and what private use adjustments are relevant to agents;
o Implication for other activities or asset, such as if an Agent operates an Airbnb from their personal home;
o Implications of home office claim for income tax if GST registered;
Total of CPD Hours: 1 (1 hour plus 15 min Q&A)
Suited to:
Anyone involved in the property industry, including:
• Real Estate Agents
• Property Brokers
• Property Managers
• Property Valuers
• Property Owners/Investors
PRESENTER:
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.