Package includes:

Online CPD Module  l  Electronic booklet  l  PowerPoint Presentation

Package Fee (incl GST)

• $125 - NZLS members and Associate members
• $175 - Non-members

Note: Access to the online files is via your "My CPD" page. If you would like to purchase multiple packages, please contact us here.

Online CPD Module

A zero-rating regime for business-to-business land transactions has applied from 1 April 2011 and has had a fundamental impact on the landscape in this area. This seminar will take a practical approach in stepping you through the regime and will help you identify and manage the key GST risks and opportunities.

This seminar will include:

• A brief overview of the GST zero-rating for land regime
  - What?
  - When?
  - Who is at risk?
• The contract
  - Good drafting and pricing practice
  - GST gross up?
  - Do you delete the going concern clause?
  - Pricing gone wrong (inclusive pricing)
  - GST information on the front page and the Schedule
• The period between contract and settlement
  - Impact of nomination
  - Second hand goods – what can go wrong?
  - GST registration after contract – The Ling and Holdaway cases
  - Changing GST treatment – The Wang case
  - Examples from the IR CZR guidelines
• After settlement
  - The need to test land use - s 20(3J)
  - Correcting GST treatment after settlement
  - Liability to the IR for GST – s 5(23)
  - Liability to the other party for GST – warranty claim cases and the latest ADLS agreements
• Other issues
  - Pre-emptive rights over land (ie not an interest in land), selling non-land assets or business assets without an interest in land – GST at 15%
  - Mixed supplies – eg farm / farmhouse, shop and apartment above the shop
• Principles emerging from the case law
  - What do the main cases of Wang, Ling and Holdaway say about CZR and best practice?
  - GST Act prevails over contract
  - CZR is compulsory
  - Settle means actually settle.

Learning objectives

By completing this module you will gain:

• A broad knowledge of the zero-rating rules for transactions including land.
• A better understanding of the key GST risks and opportunities available for your client.
• How to deal practically with these risks and opportunities in the contract, the pre-settlement period, on settlement and thereafter.

Electronic paper 

Authors: Riaan Geldenhuys, Eugen Trombitas
Published: 14 April 2020
Pages: 29

Introduction

There is no introduction for this paper.

PowerPoint Presentation

These are the slides included in the presentation.