Overlooking the GST implications of property transactions can be an expensive mistake – for both clients and their advisers. Failing to correctly advise on the GST implications of property transactions is one of the leading causes of professional indemnity claims for accountants and lawyers.
The compulsory zero-rating rules were intended to make it easier, not harder, to correctly advise clients on the GST aspects of property transactions. Unfortunately, these rules have created new issues for accountants and lawyers, including dealing with price uncertainty and surprises relating to the other party’s GST status.
Inland Revenue’s approach to dealing with GST refunds has created more uncertainty. We are aware of situations where Inland Revenue has taken extreme (and often conflicting) positions on what amounts to a “taxable activity” and when a “taxable activity” commences.
This webinar considers practical issues arising with GST and property transactions, including issues arising when claiming back GST on property transactions (along with practical tips on claiming second-hand goods credits) and practical issues arising with the compulsory zero-rating rules (including GST issues arising with nominations and nominees).
5 July 2018
Accountants, tax lawyers, commercial lawyers, property lawyers and others who advise clients on property transactions.
Stephen Tomlinson, Partner, Tomlinson Law
1.5 CPD hours