GST and Property Transactions - 5 July 2018 (On Demand)

Description

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).

LEARNING OUTCOMES

You will:

  • Know what amounts to a “taxable activity” for GST purposes and when a “taxable activity” commences.
  • Understand when GST can be claimed back on lifestyle blocks and other land holdings not used for business purposes. 
  • Learn helpful tips on claiming second-hand goods credits and how to deal with Inland Revenue when problems arise.
  • Know about “price uncertainty” when buying or selling land and how to deal with it.
  • Learn how to deal with surprises relating to the vendor’s or purchaser’s GST status.
  • Understand the GST issues arising with nominations and nominees.

ORIGINAL BROADCAST DATE

5 July 2018

SUITED TO

Accountants, tax lawyers, commercial lawyers, property lawyers and others who advise clients on property transactions.

PRESENTER

Stephen Tomlinson, Partner, Tomlinson Law

1.5 CPD hours

  • On Demand Event
    Complete online in your own time (Self-paced)
    • $210.00 excl. GST

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One-connection-one-fee

Our webinars operate on a 'one-connection-one-fee' basis so you can have your whole team participate for one cost effective price and claim CPD points.

Recordings

All registrants that do not log into the live webinar are automatically sent a recording either later the same day or early the next business day.

If you did log in and wish to view again simply drop us a line at NZ‑learning@wolterskluwer.com and we’ll be happy to send it to you via email.

Sole practitioners

A discount on webinars is available for sole practitioners. Please contact us at NZ‑learning@wolterskluwer.com to confirm eligibility.