Description

There have been a number of changes to the GST rules as they relate to property and in particular short term rental accommodation.

Whether your client is renting out a room in their home, renting out their holiday home or letting out a rental property, where the rental is of short-term accommodation, you need to consider how the GST rules can be applied. From 1 April 2024 this will include the need to consider the application of the marketplace supply rules that apply to the supply of taxable accommodation. If you are an owner of other property that is made available to an associate, care also needs to be taken to ensure that the GST rules are being applied correctly by both sides.

The session will provide an overview of the relevant GST rules and how they might apply in relation to short term rental properties with practical examples.

In particular, the webinar will cover:

• What is a supply for short-term rental accommodation?
• How will the marketplace supply rules impact on what is a taxable supply of accommodation?
• When is a short-term rental activity a taxable activity?
• When must or can a property owner register for GST?
• Zero-rating of land – when and how the rules apply;
• Exempt, non-taxable and taxable supplies in the context of short-term rentals;
• The time of supply rules as they relate to short-term rental supplies;
• The application of apportionment rules, both temporary and permanent, that can apply;
• The application of the election to treat a sale of property as not part of a taxable activity;
• Associated Use.

ORIGINAL BROADCAST DATE

27 February 2024

LEARNING OUTCOMES

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

• Understand when you or your client must register for GST, if they have an interest in property:
• Determine whether any sale or purchase will be zero-rated and what happens if things aren’t what they seem on the face of the Agreement:
• Understand when and how the apportionment rules apply:
• Understand the impact of associated party transactions relating to property.

SUITED TO

Accountants at all levels.
Lawyers providing advice on Agreements for Sale and Purchase of short term rental properties and preparing leases.

PRESENTER

Daniel Gibbons, Partner, Findex NZ Limited (presenting on behalf of TEO).