|March 11, 2020||Online||T - +61 7 3231 2400||$165.00 Incl. GST|
|Log in: 12.15pm|
We have recently seen the ATO make numerous decisions that sales of lots from small scale residential subdivisions are on revenue account, rather than being the mere realisation of a capital asset. For these clients, the difference in the income tax and GST payable has been substantial.
In this webinar, we will work through recent case studies to help you advise clients and manage their current and potential risks. We will cover:
- the types of residential subdivisions where the ATO is now arguing sales are part of a 'profit-making undertaking' or 'business' rather than the mere realisation of a capital asset
- the relevant case law to help you determine when the ATO's arguments are strong and when they are not
- what happens if the land becomes trading stock of a 'business' – and when it is too late to elect to use the market value of the land
- whether to apply for a private ruling – the advantages and traps
- making decisions about registering for GST and the effective date of registration
- managing GST withholding obligations
- having fallback positions for applying the GST margin scheme.
- After the webinar, you should be able to advise clients on the tax issues arising from small-scale residential subdivisions, and provide your clients with options for managing any tax risks.