21 Real Estate Personal Tax Obligations – In the IRD Crosshairs (Webinar Recording)

Prices NZD & excl. GST - Broadcast date: 12 May 2021

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Product Description

This course is focused on the tax obligations of Real Estate Agents. With the IRD now specifically targeting real estate agents with audits, it is important that they know what their obligations are. 


In this webinar we will cover the relevant taxation considerations that those working in the industry need to know. 


This will include relevant real-life scenarios and will also take into account the impact of COVID-19 on the industry.   


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.


Upon satisfactory completion of this course, you will be able to:

  • Understand the different income tax and filing obligations, including:
    • Consideration of Independent Contractors vs employees;
    • Overview of how Withholding Tax regime and how it applies to agents;
    • Overview of provisional tax and options to best manage your obligations;
    • What costs can be claimed as part of activity;
    • What private use adjustments need to be considered on assets like motor vehicles and options for private use;
    • How the entertainment/sponsorship rules apply;
    • Consideration of home office claims;
    • Implications if an agent is paid a retainer, if new to the industry or to assist during a COVID-19 downturn;
    • The interplay between the Real Estate Agent role and the portfolio that an Agent builds up over time
  • Understand the key considerations from a GST perspective, including:
    • Requirements to be GST registered;
    • IRD’s view on GST registration and the property rental activities that may impact;
    • Overview of the ongoing obligations of being GST registered;
    • Consideration of accounting and returning GST;
    • Invoicing requirements;
    • Consideration of what costs can be claimed and what private use adjustments are relevant to agents;
    • Implication for other activities or asset, such as if an Agent operates an Airbnb from their personal home;
    • Implications of home office claim for income tax if GST registered.

Total CPD Hours: 1.25 (1 hour + 15 min. Q&A)


Suited to:

The course is suitable 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.