24 Land Businesses 2024 – What/who is a dealer, subdivider, developer or builder?(Webinar Recording)
excl. GST - Broadcast Date: 8 February 2024
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Product Description
Understanding how the land rules apply to land dealers, developers, subdividers and builders, and their associates has always important. This is set to become increasingly so with the proposal to reduce the bright-line rules back to a 2-year test.
The effect of these provisions can mean that land is subject to income tax when it may not have been if disposed of by another person. There can also be significant impacts for associates. In some instances that also means that the interest deduction limitation should not apply to them.
This webinar will consider practical examples to help you understand:
• What these taxing provisions are;
• How they apply;
• When a person might have a “land related business” and whether this requires a certain number or frequency of property transactions;
• When a person might have a building business;
• What a “building improvement” is and how performing these improvements can affect the taxation of land;
• Impact for associates;
• When a person can no longer rely on a residential or main home exclusion because they have a “regular pattern” of buying and selling land; and
• What will be the impact of the interest deductibility limitation (and what might impact given proposed changes to the rules).
Upon satisfactory completion of this activity you will be able to:
• Identify when the specific provisions of the Income Tax Act 2007 may apply to land disposed of by those in the property industry;
• Understand who might be carrying-on a land dealing, land development, land subdivision or building business; and
• Determine whether a person has a regular pattern of buying and selling land.
Total of CPD Hours: 1.25 (1 Hour 15 min)
Suited to:
Accountants, lawyers and others providing professional services to the property industry.
PRESENTER:
Daniel Gibbons, Partner, Findex/Crowe
Daniel is a Partner for Findex in Queenstown. Daniel has been with Findex for 16 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.