The 2015 Budget included a number of proposals to improve tax compliance on property transactions. These proposals included disclosure requirements when property (other than the main home) is bought and sold, a two-year bright-line test for the sale of residential land (other than the main home) and a new withholding tax for overseas property investors. All of these proposals have now been enacted.
The disclosure rules and the bright-line test apply from 1 October 2015 and the residential land withholding tax (RLWT) applies from 1 July 2016. The bright-line test has recently been extended to apply to residential land (other than the main home) that is sold within five years of acquisition.
A number of issues have arisen under the bright-line test and the RLWT rules, including when is land subject to the new five-year bright-line test, the application of the bright-line test to nominations, whether a change in trustees restarts the bright-line period, the application of the main home exclusion to trusts and determining whether a landowner is an offshore person. This webinar considers these and other issues arising under the bright-line test and the RLWT rules.
17 May 2018
Junior and intermediate accountants, property lawyers and conveyancers, and others who advise clients on land transactions.
Stephen Tomlinson, Partner, Tomlinson Law
1.5 CPD Hours