Description

The end of a personal relationship may involve the division of relationship property between the parties. The division of tax base property between the parties to the relationship and any sale of that property to third parties will have taxation consequences. The Income Tax Act 2007 has concessionary provisions designed to mitigate the income tax consequences. Unfortunately, the Goods and Services Tax Act 1985 does not, which can lead to adverse GST outcomes.

This webinar will

• Examine what is required to ensure a division of relationship property comes within the concessionary income tax rules
• Provide an overview of how the concessionary income tax rules work
• Consider the application of the Bright-line test when relationship property includes residential land
• Highlight the potential GST pitfalls and things to consider
• Discuss tax planning and anti-avoidance issues concerning the use of relationship property agreements

ORIGINAL BROADCAST DATE

21 June 2022

LEARNING OUTCOMES

Upon completion of this webinar attendees will

• Be able to identify how the income tax rules apply to the division of relationship property and when concessionary treatment will be available
• Be aware of the potential GST issues the arise from the division of relationship property and how to address them
• Aware of potential tax planning opportunities and anti-avoidance concerns
• Better able to advise their clients of the tax consequences of the division of relationship property

SUITED TO

This webinar is suitable for accountants and lawyers who are involved in advising on clients and/or negotiating the division of relationship property on behalf of clients.

PRESENTER

Stephen Richards, Partner – Tax Advisory, Findex  (presenting on behalf of TEO).