Tax Issues for Property Developers
Overview
Join our session for a practical guide on key income tax and GST issues, crucial for both new and seasoned property developers navigating the complex ATO landscape
Property transactions are a key focus area for the ATO and are often the source of confusion amongst clients and their advisers. 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, improvement and building, often with a view to quick profit. Sadly, they often do so without considering the tax consequences or in the mistaken belief that all profits will be subject to CGT, with access to the 50% discount.
This session will look at the key income tax and GST factors that all prospective and current property developer clients need to be aware of including:
- What constitutes a property development?
- When is a transaction on capital account and when is it on revenue account?
- Applying the CGT rules where appropriate; ‘mere realisations’
- Taxation on revenue account; the different tax outcomes for a one-off profit-making scheme compared to a property development business
- Structuring a property transaction to optimise the tax outcome
- When does a property developer need to register and account for GST?
- GST treatment of income and expenses
- Applying the GST margin scheme; when is it appropriate and what does it mean for developer and purchaser?
Learning Outcomes:
Attendees will gain an overview of the key issues facing clients who are either already developing properties or are considering locking in or enhancing the value of the land they hold. The practical and solutions-oriented approach will include worked examples and planning tips as well as highlighting the pitfalls to avoid.
Suited to:
Tax and accounting professionals and other business advisers who deal with current or prospective property developers and other clients with land holdings that the client wishes to exploit.
This On Demand Includes:
- Recording of the Live Webinar, which can be viewed multiple times
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
- CPD Quiz
- CPD Certificate
Course syllabus
3 lessons
- Video – Tax Issues for Property DevelopersVideo
- Feedback Survey 2024Survey
- Knowledge QuizTest
Your presenter
Mark ChapmanH&R Block
is the author of Life and Taxes: A Look At Life Through Tax and has edited and updated the second through to the seventh editions of Australian Practical Tax Examples, published between 2019 and 2024 by Wolters Kluwer CCH Australia.
He has over 30 years 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.
Since 2015, Mark 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.