GST Traps in Property Transactions - a Power Pair of recorded webinars
Date/Time
About the Webinar
This Power Pair comprises 2 of our most popular GST & Property webinars from the past year. Each recorded webinar is one hour in length.
Webinar 1: Building to Rent and Not to Sell: The GST Implications
The build-to-rent (BTR) model is gaining traction as an emerging asset class. The GST implications for this model are vastly different to those of a build-to-sell (BTS). This session explores the GST treatment of the BTR property development model, including:
- A background to the BTR model
- The distinction between the GST treatment of a BTR project and a BTS project, including the implications for:
- construction costs
- ongoing costs relating to the leasing of the property
- selling the property
- What if a BTR project is considered to be the constructing of commercial residential premises?
- BTRs and the interaction of the five year continuous rental rule for new residential premises
- What if there is an intention to sell part or all of the property in an indefinite time in the future? (GSTR 2009/4)
- GST implications for purpose BTR projects, including:
- retirement villages
- student accommodation
- Practical examples
Webinar 2: The Road to Hell is Paved with Good Intentions
Intentions can be an extremely important aspect of determining the tax treatment of a transaction. They can also be quite difficult to support when required and they can change over time. To comply with GST requirements, practitioners may find themselves having to ask a client what their intention is for a property at a particular point of time. This session explores when the question may need to be asked and the GST implications of the answer, including:
- GST implications of purchasing property as a GST-free supply of a going concern with intention of using for commercial leasing and:
- subsequently using for private or input taxed use
- subsequently using for land development
- Farmland acquired under the GST-free farmland exemption with intention of using for farming, subsequently used for property development
- Is the test for residential premises determined by intended use or the characteristics of the property? (Sunchen Pty Ltd v C of T [2010] FCAFC 138)
- How adjustment periods can apply when there is a change of intention of use for newly constructed residential property:
- intended for sale and subsequently rented out (GSTR 2009/4)
- intended for renting and subsequently sold
- The GST implications if there are mixed intentions for a property at a point in time (ie. sell or rent)
- Tips to support intention of a property’s use, including:
- entities that own a number of properties with different intended purposes (ie. one or more for investment and others to sell)
- a third party’s intention to use a property for a farming business when using the GST-free farmland exemption
- how a change of intended use impacts the reporting of a property in the financial statements
- Practical examples
SPECIAL PURCHASE OFFER – EARLY EOFY SALE
This pair of recorded webinars would usually cost $539, but as part of the Early EOFY sale you can buy the pair for only $297 if you order by 31.5.24.
Presented By
Andrew Sommer
Partner, Clayton Utz Sydney, NSWJeff Pfaff
Partner, PwC Brisbane, QldWho Should Attend?
These webinars are suitable for accountants advising on GST and lawyers practising in property law – Australia wide. These webinars are for practitioners with some knowledge in this area and looking to improve their knowledge.
CPD Information
Accountants can claim 2 CPD hours.
Lawyers can claim 2 CPD units/points (substantive law).
WA lawyers please note TEN is unable to verify your completion of recorded webinars to the Legal Practice Board of WA. TEN is an accredited QA provider.
Enquiries/Assistance
If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: [email protected]