Description

Identifying what is a mixed-use asset, and what adjustments may be required for income tax and/or GST can sometimes be difficult. Also, there assets that are used for a variety of purposes but are not strictly “mixed use assets”.
The session will provide an overview of the income tax and GST rules and how they might apply with practical examples.

In particular the webinar will cover:

• Income tax and GST treatment of assets that are “mixed use assets”:
• Property/land
• Boats
• Planes
• Income tax and GST treatment of assets that are used for a variety of purposes (including some business and some private):
• Property/land
• Boats
• Planes
• Cars

The webinar will cover a variety of practical examples, including how the rules apply to the various assets, what constitutes the asset, and what limitations may apply. We will also touch on the impact of the residential land tax rule changes and interest deductibility rules as they relate to mixed-use assets.

The webinar will also touch on the different outcomes that arise, depending on ownership structure.

ORIGINAL BROADCAST DATE

16 November 2021

LEARNING OUTCOMES

Upon satisfactory completion of this activity you will be able to:

• identify which of the GST and income tax rules will apply to the mixed use of assets
• apply the mixed-use asset rules
• advise clients on the differences in the taxation treatment when assets are used for varying purposes

SUITED TO

Accountants and lawyers with clients that have assets used for mixed purposes.

PRESENTER

Daniel Gibbons, Partner, Findex/Crowe (presenting on behalf of TEO)