23 Subdivision of Land - Breaking it down (Webinar Recording)
excl. GST - Broadcast Date: 6 September 2023
| Quantity |
Product Description
The taxation treatment of subdivisions is often misunderstood. There are specific taxation provisions that apply to subdivisions/developments which can capture even small “one off” subdivisions.
Land sales of subdivided land has become increasingly complicated with the bright-line acquisition date and the interest deductibility rules.
The number of lots created, the amount of work done, the cost of the work, the nature of the work, and the intention of the owner on acquisition all impact on the taxation treatment on sale, both from an income tax and a GST perspective.
In some cases, there may also be income tax exemptions that can apply, which are different to other land rules.
Finally, there is the IRD view on remainder or residual land that also needs to be taken into account.
The webinar will look at the taxation rules around subdivisions and work through scenarios to provide guidance on how the rules might be applied to various situations. The session will be a mix of technical rules and practical application.
Upon satisfactory completion of this activity you will be able to:
• Better understand how the land tax rules might apply to various subdivisions.
• Work through how the legislation, the Court cases, and the IRD statements can be read together to better understand the outcomes.
• Apply the rules to your clients’ situations.
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
Accountants and lawyers with clients who undertake subdivision work on land, regardless of when it was acquired or sold.
PRESENTER:
Daniel Gibbons, Partner, Findex/Crowe
Daniel is a Partner for Findex/Crowe in Queenstown. Daniel has been with Findex/Crowe for 15 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.