GST and Agreements for Sale and Purchase of Real Estate 2020 - 19 February 2020

Description

Know Your GST Position Before You Sign

The 10th Edition of the ADLS / REINZ Agreement for the Sale and Purchase of Real Estate was released in November 2019. Some of the GST clauses in the Agreement have changed. This includes some of the GST warranties and GST pricing clauses.

It is critical that vendors and purchasers of land understand their GST position, and the warranties they are providing, before they sign an agreement to sell or purchase land. Getting the GST position wrong on a property transaction, or being subject to a warranty claim, can have a significant impact on the financial outcome of the land transaction for both parties.

This practical webinar will use case studies to explain the GST aspects of an Agreement for Sale and Purchase of Real Estate, and the warranties provided by the parties. It will assist you in advising your clients on their GST position on the sale and purchase of land, and to avoid costly mistakes. Topics covered include pricing and price uncertainty, the effect of a party changing their GST status before settlement, zero-rating, “split supplies”, and the effect of nominations.

ORIGINAL BROADCAST DATE

19 February 2020

LEARNING OUTCOMES

You will:

  • Learn what changes have been made to the GST clauses in the ADLS / REINZ Agreement for Sale and Purchase and how those changes will affect your clients.
  • Understand the effect of “GST inclusive” v “plus GST” pricing, and the circumstances in which price uncertainty can arise (including the impact of changes in the new ADLS / REINZ Agreement).
  • Know the importance of correctly completing the vendor’s statement in the Agreement regarding their GST status, and the GST information schedule (Schedule 1).
  • Understand the GST-related warranties each party is providing in the Agreement.
  • Know the impact of making mistakes in, or changing, the GST statements made in the Agreement.
  • Learn when a sale of land involves “split supplies” for GST purposes, the GST treatment of “split supplies”, and how this is addressed in the Agreement.
  • Understand how the Agreement deals with land transactions which are zero-rated for GST purposes.
  • Know the GST position when a purchaser nominates another party to complete the purchase.

SUITED TO

Accountants of all levels, in-house accountants, lawyers, real estate agents and others who advise clients on the sale and purchase of property.

PRESENTER

Susan Ballantyne, Senior Associate, Tomlinson Law

1.5 CPD Hours

  • On Demand Event
    Complete online in your own time (Self-paced)
    • $215.00 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 to a live webinar will automatically be sent a recording at the end of that week along with a full transcript of the webinar, regardless of whether you attended or not.

Sole practitioners

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