GST & Property: Stepping Through the Issues in Practice – a recorded lunchtime online conference

Hear from the experts at this online conference. You can watch it on your computer or on your portable electronic device from anywhere.

The conference will be based on our highly successful video webinar technology: there'll be a chairperson and presentations.

One registration can be shared by colleagues within the same firm utilising the same login.

THE PROGRAM

Session 1: Residential Premises: When GST Can Rear its Head

The general rule is that the GST treatment of residential premises is input taxed. However, as always, there are exceptions to every rule. This session teases out the situations where GST needs to be considered when dealing with residential premises, including:

• Situations where premises are not used “predominantly” for residential purposes
• When is apportionment required? ie.:

• How to treat a lease including both commercial and residential premises
• What are reasonable apportionment methods?

• New residential premises and the five year continuous rental rule
• What is the criteria for substantial renovations to be classified as new residential premises?
• Strata titled units and serviced apartments aggregated with others and managed by a separate entity (GSTR 2000/20):

• The GST treatment for leasing
• The GST treatment on a sale

• Practical examples

Session 2: Am I Conducting an Enterprise? A Property Perspective

One of the elements required for GST to apply is that a supply is made in the “course or furtherance of an enterprise” that the entity carries on. This definition is not always straightforward in the property sphere. This session explores when property transactions may or may not satisfy the enterprise criteria, including:

• What are the factors that can tip a property sale from being the mere realization of a capital asset to an enterprise?
• How are one off property sales treated?
• How is a sale of vacant land zoned for residential usage treated?
• Property acquired for a planned development sold prior to development proceeding – is this an enterprise?
• When is the sale of subdivided farmland considered to be an enterprise?
• When is the leasing of a property considered to be an enterprise?
• Practical examples

Session 3: GST and Mixed Supplies: What Could Possibly Go Wrong?

Supplies for GST purposes can be taxable, GST-free, input taxed or other supplies not subject to GST. But what if the supply is a mixture of these? This session provides a practical look into the GST treatment of mixed supplies, as well as the traps and pitfalls, including:

• What are the reasonable methods of apportioning mixed supplies into taxable and non-taxable?
• Sale of farm with farm house:

• Apportion as a mixed supply?
• Can you use the GST free farmland option?
• Can you use the GST free going concern option?

• Situations where a GST adjustment under Division 135 is required

• What to do if a seller collects GST on the full amount of a mixed supply when they didn’t have to?
• Case studies and war stories