22 Residential Property Tax Changes 2022 - All Parts (Webinar Recordings)
excl. GST - Broadcast Date: 26 April 2022 (Part 1) and 28 April 2022 (Part 2)
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Product Description
Residential Property Tax Changes – Bright-line Test - PART 1
On the 23rd of March 2021 the government announced new tax rules that will greatly impact residential property.
Legislation was originally introduced to give effect to the new 10-year bright-line period. Following consultation and a request for submissions, updated legislation has now been introduced to clarify certain components of the rules, including:
• 5-year test for “New Builds”
• New Main Home exemption
• Roll-Over relief for certain associated purchases
In this course, we will outline all of the changes since the original announcement and provide practical examples of how these might impact those who own residential property.
Upon satisfactory completion of this activity you will be able to know/understand:
• How the 10 year bright-line test applies, including,
o What properties will be affected and
o From when will the rule apply.
• How the New Build 5 year bright-line test applies, including:
o What is a “New Build”, including key timing requirements
o Examples of different situations and whether the “New Build” exemption will apply
• How the “main home” exemption will apply taking into account new tests, including:
o The requirement for home to be 100% main home for the exemption to apply
o What happens when a property you
o What happens if the property is being renovated or being built.
o What happens when there is a change in use during ownership period
o How the 12-month buffer rule will apply
o How does the space based test apply
• Impact on short-term rental properties given change to what can be considered a “business premises”
• How the 5-year rule will still apply and how its treatment differs
• Roll-over relief, including:
o What transfers are eligible, include LTCs, Partnerships and Trust transfers
o When doesn’t it apply
o How the bright-line could still tax the transferor.
Total CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
The course will be suited to all levels of accountants, corporate professionals, public practice – law and accounting, general business advisors.
Residential Property Tax Changes – Interest Deductibility - PART 2
On the 23rd of March 2021 the government announced new tax rules that will greatly impact residential property.
Following consultation and a request for submissions, updated legislation has now been introduced, to bringing in the interest deductibility changes.
In this course, we will outline the changes and provide practical examples of how these might impact those who own residential property.
Upon satisfactory completion of this activity you will be able to know/understand:
• What property will this apply to, including:
o Overview of affected property
o What property is exempted
• How the interest deductibility criteria will apply, including:
o Distinction between new and old property
o Timing and application of the loss of deduction including the 4-year phase out of deduction
o Impact on “new builds”, including on what qualifies as a new build
• What lending is affected and when
o Key dates on what lending is affected, including if a loan is re-financed.
o What happens if a property is used as security?
• Who the rules apply to, including differences for companies
• Inter-posed entities and how these are affected
• Calculation options when there is a mix of lending, uncertainty as to how much lending relates to a particular property or where variable lending is used.
• The impact of the ring-fencing rules on other regimes, such as Mixed Use Assets and Residential ring-fencing.
• What interest can be claimed on the disposal of a property and what limitations apply.
• Roll-over relief for transfers between certain associated parties. We will cover:
o What transfers are eligible, include LTCs, Partnerships and Trust transfers
o When doesn’t it apply
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
The course will be suited to all levels of accountants, corporate professionals, public practice – law and accounting, general business advisors.
PRESENTER:
Daniel Gibbons, Partner, Findex/Crowe
Daniel is a Partner for Findex in Queenstown. Daniel has been with Findex 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.