23 Taxation of Land - When Bright-line Test does not apply (Webinar Recording)
excl. GST - Broadcast Date: 31 May 2023
| Quantity |
Product Description
There is a misconception among the public and some advisors that the Bright-line test is now the only rule that is relevant to land sales. They often ignore the 14 other provisions in the Income Tax Act 2007 that can apply to non-residential land, or land that has been owned for longer than the bright-line test period. In these situations, if the Bright-line Test is incorrectly applied, this may result in a worse outcome for your clients due to the availability of deductions in the calculation of their income.
To provide sound advice, it is necessary that you are aware of the full suite of land provisions. This is particularly relevant if you have clients in the property industry such as builders or developers.
In this session, and through practical examples, we will discuss:
• How each land provision in the Income Tax Act 2007 is applied and the related exclusions;
• The associated persons rules; and
• How income is calculated under each of the land provisions and the deductions that are available.
Upon satisfactory completion of this webinar you will be able to:
• Understand when and how the land taxation rules might apply to land transfers;
• Understand the options and implications for how land ownership is structured; and
• Help clients to understand what the tax cost might be for them on transfer or sale.
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
Accountants at all levels, junior and intermediate tax advisors, real estate professionals, and lawyers providing advice on Agreements for Sale and Purchase of land.
PRESENTER:
Daniel Gibbons, Partner, Findex NZ Limited
Daniel is a Partner for Findex in Queenstown. Daniel has been with Findex 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.