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Recorded Webinars

Recorded Webinar: Taxing the Family Home: When Personal Use Meets Profit Motive

A recent AAT case has dealt with the question of what was the most significant reason for a taxpayer residing in their own home. Was it to live in it or was it for a profit-making purpose? This session takes a look at that case, as well as how the principles could apply to a numbe
PRESENTED BY George Kolliou Director - AG Tax Lawyers , Melbourne

Date/Time

About the Webinar

A recent AAT case has dealt with the question of what was the most significant reason for a taxpayer residing in their own home. Was it to live in it or was it for a profit-making purpose? This session takes a look at that case, as well as how the principles could apply to a number of other scenarios involving the family home, including:

  • Claiming a revenue deductible loss on the main residence (Bowerman v FC of T [2023] AATA 3547)
  • How do you determine the “significant” purpose for acquiring a home?
  • How to address the “onus of proof” for grey area situations
  • How the Bowerman decision could impact on:
    • builders building their first dream home, then their second, then their third…? (TD 92/135)
    • homes purchased and sold in the short term with significant improvements undertaken during the ownership period?
  • When you live in a property however the ATO still consider the property to be trading stock (Makrylos v FC of T [2023] FCA 971)
  • Whether there is any scope for private use apportionments when a main residence sold had both a private and profit-making purpose
  • Practical examples of properties lived in and acquired with a profit-making purpose in mind

Presented By

George Kolliou
Director, AG Tax Lawyers Melbourne, Vic.

George Kolliou, Director AG Tax (formerly principal of Kolliou Tax Lawyers), has worked in the taxation field for over 40 years, firstly as an accountant and then as a lawyer. George's special area of interest is the intersection of taxation and trust law particularly in the SME context.

George regularly presents at tax conferences on SME taxation issues and writes for various professional journals. He has also co-authored the Australian Trusts Tax Handbook published by Thomson Reuters.

Who Should Attend?

This webinar is suitable for accountants advising in taxation matters – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

CPD Information

Accountants can claim up to 1 CPD hour. This webinar has been designed to run for 1 hour, however, webinar lengths can vary depending on the level of questions and discussion.

While TEN takes all reasonable care to include accurate and up-to-date information regarding CPD category classifications and compliance obligations, information regarding CPD point allocation are provided as a guide only. Allocation of CPD points is subject to the CPD requirements of your jurisdiction, personal circumstances and professional requirements. You are solely responsible for determining whether a particular product is appropriate for your CPD requirements.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Jason Hooker on (03) 8601 7709 or email: [email protected]

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