Tax Issues for Land Subdivisions

Description

CGT and other tax implications arising from property subdivisions and subsequent development.

With land supply shortages and consequent increases in land values, many people with little to no experience of property development are venturing into land subdivision, sometimes followed by development of the resulting vacant blocks, often with a view to quick profit.

This session will look at the CGT and other direct tax implications flowing from the subdivision of land, and will also explore the potential GST issues that can arise. Amongst the matters to be covered are the following:

  • How is a subdivision treated for tax?
  • Tax treatment of demolition costs
  • Applying the main residence exemption to subdivisions and subsequent sales
  • When is a property transaction on capital account and when is it on revenue account?
  • Deductions for vacant land
  • Determining whether GST applies to the project, applying GST concessions and getting the new GST withholding rules right

Learning Outcomes:
Attendees will gain an overview of the key issues facing clients who have either already subdivided properties or who are considering undertaking such a project. The practical and solutions-oriented approach will include worked examples and planning tips as well as highlighting the pitfalls to avoid.

Suited to:
This webinar is suited to all accountants and tax practitioners that deal with property owning clients, including property developers and homeowners looking to capitalise on their investment.

Presenter Bio:
Since 2015, Mark Chapman has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance.  As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director. Mark is also the author of Life and Taxes: A Look At Life Through Tax published by Wolters Kluwer, CCH Australia.

Mark has over 25 year’s experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.

You will also be provided with: 

  • The PowerPoint Presentation Slide Deck
  • A Searchable Transcript
  • Any Supporting Documentation
  • Webinar Recording to view multiple times for up to 6 months
  • Q&A Session & follow up contact details

  • Nov 12
    Thu, 1:00 PM AEDT - 2:00 PM AEDT Online
    • $185.00 incl. GST
    • PD hours: 1

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One-Connection-One-Fee

Our webinars operate on a 'one-connection-one-fee' basis so you can have your whole team participate for one cost effective price and claim CPD points.

Recordings

Like the topic but can’t make the time? Register for the Live Session and you’ll receive the Recording regardless! You can watch it as many times as you like for up to 6 months. You will also receive Supporting Documentation.