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Individual Podcasts

Income Tax and GST Implications When the Original Intention for Property Use Changes

Determining the income tax and GST implications for a property is not always straightforward. However, just when you consider you have the tax treatment down pat, complications can arise when the intention for the property’s use changes. This session looks at the issues that need

Date/Time

About the Podcast

Determining the income tax and GST implications for a property is not always straightforward. However, just when you consider you have the tax treatment down pat, complications can arise when the intention for the property’s use changes. This session looks at the issues that need to be considered, including:

  • Does a profit making purpose need to exist at the time of purchase for the subsequent sale to be on revenue account
  • Land on capital account that undergoes change of purpose to be part of a property development business? (TD 97/1, CGT event K4)
  • Property treated as trading stock that undergoes change of purpose to holding as a long term investment (Sec. 70-110 ITAA 1997)
  • What are changes in property use that can trigger GST?
  • GST implications if property held for a dual purpose (ie. renting and selling)? (GSTR 2009/4)
  • How are GST increasing or decreasing adjustments calculated?
  • Are there any time limits on making GST adjustments?
  • Practical examples

Presented By

Edward Hennebry
Senior Associate, Sladen Legal Melbourne, Vic

Edward is a Senior Associate in the Business Law team at Sladen Legal.

Edward commenced his career in the ATO’s Tax Counsel Network and Review and Dispute Resolution business lines, gaining first-hand knowledge of the tax dispute and resolution process.

Since leaving the ATO, Edward has worked in a number of large accounting and national law firms, enabling him to diversify his knowledge of prevalent tax and commercial issues that affect private clients and family groups across a wide range of industries.

Edward’s principal areas of practice are:

  • Federal income tax and GST advice including obtaining ATO Private Rulings.

  • Dispute resolution with revenue authorities and mitigation of administrative penalties/interest.

  • Tax effective business restructures (utilising CGT rollovers and Small Business CGT Concessions).

  • Tax effective commercial agreements and contracts.

  • Trust law advice and review of trust deeds.                                                                       

Professional associations:         

  • Tax Institute of Australia (TIA) – Fellow.

  • Member of the TIA’s National SME Tax Technical Committee.

  • Volunteer supervisor at the Melbourne Law School Tax Clinic.

CPD Information

0.5 CPD hours

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact us, on (03) 8601 7700 or email: [email protected]

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