Description

This webinar considers a number of issues that arise under the bright-line test and the RLWT rules. Issues arising under the bright-line test include when the 5-year rule for “new build land” will apply, the calculation of the bright-line period where land has been subdivided and in other unusual situations, the application of the main home exclusion where bare land is acquired and the family home is erected on that land, the application of the main home exclusion to trusts, and the circumstances in which rollover relief from the bright-line test applies. Issues arising under the RLWT rules include complications in determining whether a landowner is an offshore person, particularly where the landowner is a trust.

ORIGINAL BROADCAST DATE

29 June 2023

LEARNING OUTCOMES

You will:

• Learn about when the 5-year bright-line test for “new build land” applies
• Understand how to determine the date of acquisition of property and how to calculate the bright-line period
• Know how the main home exclusion applies, including when land is owned by a trust
• Learn about when the other exclusions to the bright-line test will apply
• Know about recent changes to rollover relief for transfers to and from trusts
• Understand when the RLWT forms need to be completed
• Learn when RLWT will apply and how to calculate the amount of RLWT
• Know when a trust will be treated as an offshore RLWT person

SUITED TO

Accountants of all levels, property lawyers and conveyancers, and others who advise clients on land transactions.

PRESENTER

Stephen Tomlinson, Principal, Tomlinson Law.