Description

Identifying what adjustments may be required for income tax and/or GST when land has a mix of uses can sometimes be difficult.

The session will provide an overview of the income tax and GST rules and how they might apply with practical examples. We will take into account the proposed changes to remove the mixed-use asset rules for GST purposes as announced in the Taxation (Annual Rates for 2022-2023, Platform Economy, and Remedial Matters) Bill released on 8 September 2022.

In particular the webinar will cover:

• Income tax and GST treatment of land that is a “mixed-use asset”
• Income tax and GST treatment of land that is used for a variety of purposes (including some business and some private)

The webinar will cover a variety of practical examples, including, how the rules apply to and what limitations may apply.

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

ORIGINAL BROADCAST DATE

16 February 2023

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 land
• Be able to apply the mixed-use asset rules
• Advise clients on the differences in the taxation treatment when land is used for varying purposes

SUITED TO

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

PRESENTER

Daniel Gibbons, Partner – Tax Advisory, Findex (presenting on behalf of TEO).