Package includes:

Online CPD Module  l  Electronic booklet  l  PowerPoint Presentation

Package Fee (incl GST)

• $149 - NZLS members and Associate members
• $179 - 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

Presentation time: 90 minutes

A sound understanding of the tax information required for land transactions, for both lawyers and accountants, will assist you to avoid tax compliance headaches. Until recently practitioners have not had to deal with a lot of tax issues regarding land transactions but this has changed.

In this module the presenters will discuss compliance issues, providing both the legal and accounting perspectives. The webinar will take a closer look at:

• Practice problems with compliance
• Issues around the start and stop of the two year bright-line rule
• How relevant is the going concern option when land is involved
• GST issues arising when a property is both residential and commercial
• Disputes regarding GST now undertaken between parties rather than with IRD.

Please contact us if you use a dial up internet connection.

Learning objectives

After completing this module you will:

• Understand when and how tax compliance will be required.
• Know what forms are to be completed, by whom and when.
• Have a good understanding of the practical implications for compliance.

Booklet 

Authors: Peter Barrett, Mike Brunner
Published: 5 December 2017
Pages: 29

Introduction

The Income Tax Act 2007 (the Act) contains provisions that impose income tax on certain property transactions. Enforcing these tax rules on residents and non-residents alike can be difficult without a complete set of records being provided to Inland Revenue. To deal with these concerns, the government announced a package of measures as part of the 2015 Budget aimed at providing clearer rules for property investors, more useful information to Inland Revenue to help enforce the rules, and increased funding to investigate property tax compliance.

The three stages to the reform included:

• New information requirements for land transfers;
• A two-year bright-line test for residential land transactions; and
• A residential land withholding tax (RLWT) on offshore persons.

These new rules, whilst primarily being tax reforms, will also assist in enforcing New Zealand’s anti-money laundering and countering financing of terrorism rules. At the time of these reforms, the Government stated that these reforms were intended to take some heat out of Auckland’s burgeoning housing market. (continued...)

PowerPoint Presentation

These are the slides included in the presentation.