GST & Property: The Challenges in Practice – a live lunchtime online conference

Online Conferences,GST and Indirect Taxes,GST & Property: The Challenges in Practice – a live lunchtime online conference
Wednesday 5 May 2021

Vic, NSW, ACT, Qld, Tas: 12 noon to 2.45pm
SA/NT: 11.30am to 2.15pm
WA: 10am to 12.45pm
REGISTER NOW!
2 WEEKS
UNTIL THE EVENT
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 ABOUT THE ONLINE CONFERENCE

Hear from the experts at this online lunchtime 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, presentations and you'll have an opportunity to ask questions via online chat.

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

 THE PROGRAM

Session 1: Navigating the Margin Scheme in Practice

The margin scheme is central to the property development industry. This session reviews the key concepts in understanding how the margin scheme framework operates, including:

  • The role of tax invoices
  • Understanding the requirement for an agreement in writing
  • Record keeping
    • Calculating the margin
    • Calculating the consideration for the acquisition of subdivided land or stratum title units
  • Dealing with amalgamated land
  • Effect of the margin scheme – no input tax credits available to purchaser
    • Limitations on resale
  • Valuation issues – is the valuation provided on a GST inclusive basis?
  • Getting GST advice early – what questions should the adviser ask?
  • Examples from recent case law


Session 2: GST Supply of a Going Concern – A Case Study Intensive

The sale of a going concern gives rise to a GST exemption which can deliver major transfer duty savings to the purchaser, making it a particularly attractive proposition where real property is being sold. However, the simplicity of the legislative provisions can mask the complexities in practice. This session analyses Subdivision 38-J of the GST Act through the following case studies:

  • Medical facility in shopping centre where the medical facility is going out of business but there are residential premises also attached to the strip of shops – can the going concern exemption apply?
  • Sale of a motel business where the buyer wants to acquire the real property through one entity and the business assets in another entity – can the going concern exemption be used?
  • Business is carried on through one vendor entity with the real property owned by a separate vendor entity –structuring to enable the use of the going concern exemption
  • GSTR 2002/5 re: multiple vendors and multiple purchasers


Session 3: A New Dance Partner - GST Implications of Purchaser Substitution

With tightening rules on bank lending, the ongoing effects of COVID-19 and increased taxes on foreign buyers, developers are seeing an uptick in the number of transactions where the initial purchaser is looking to pull out of a sale contract or to substitute an unrelated third party. This session reviews the potential GST consequences of such transactions, including:

  • If the initial purchaser outlays an amount to the vendor, how is it to be characterised and what is the GST treatment?
    • Forfeited deposits
    • Compensation payment
    • Incentive to accept step-in purchaser
  • Incentives paid to step-in purchaser to acquire property and its GST treatment where:
    • Paid by initial purchaser
    • Paid by vendor
    • Reduced purchase price
    • Increased supply (e.g. extra car park) for same purchase price
    • Commissions received by real estate agent or another third-party facilitator
THE FACULTY

Ken Fehily, Fehily Advisory Pty Ltd, Melbourne (Chair)

Ross Higgins, Partner, Mills Oakley Lawyers, Melbourne

Michael Butler, Tax & Revenue Partner, Finlaysons, Adelaide

Boris Mak, Senior Manager, PwC, Brisbane

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 FEEDBACK FROM PREVIOUS ONLINE CONFERENCES
  • It was just like being at a well run conference but in many ways better. 
  • This option is of great assistance to country practitioners.
  • The live online conference format worked well and made the speakers more engaging than a recording.
  • Our team used the boardroom.  We could talk and discuss the presentation without feeling we were imposing on others and you could submit a question, which we did.  All from the comfort of our own office.
  • The conference was well organised and the email links very useful.
CPD CERTIFICATE

Delegates registered to attend the LIVE event will receive a CPD certificate for attendance.  Lawyers can claim up to 2.5 CPD units/points (substantive law) and accountants can claim 2.5 CPD/training hours.

EARLY BIRD REGISTRATION

If you register and pay by 16 April 2021 you will pay only $495 – a saving of $55 off the full price conference registration fee of $550.

 ENQUIRIES/ASSISTANCE
If you need assistance or have an enquiry, please do not hesitate to contact our Event Coordinator, Hayley Williams–Cameron on (03) 8601 7730 or email: [email protected]



© Television Education Network Pty Ltd 2021

Product Code: OGPMAY21
 Price:   $495.00 (Inclusive of GST)