Bright-Line Test and RLWT - 17 May 2018 (On Demand)

Description

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.

LEARNING OUTCOMES

You will:

  •  Learn about the recent changes to the bright-line test and when those changes will apply
  •  Understand the changes in Inland Revenue’s view on how the bright-line test applies to nominations
  •  Know whether a change in trustees restarts the bright-line period
  •  Understand how the main home exclusion applies to trusts
  •  Learn about when the other exclusions to the bright-line test will apply
  •  Understand when the RLWT forms need to be completed
  •  Learn when RLWT will apply and how to calculate the amount of RLWT
  •  Know when a trust will be treated as an offshore RLWT person

DATE OF ORIGINAL BROADCAST

17 May 2018

SUITED TO

Junior and intermediate accountants, property lawyers and conveyancers, and others who advise clients on land transactions.

PRESENTER

Stephen Tomlinson, Partner, Tomlinson Law

 

1.5 CPD Hours

  • On Demand Event
    Complete online in your own time (Self-paced)
    • $200.00 excl. GST

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