Update on Capital vs Revenue Characterisation for Income Tax
Overview
What you'll take away.
Capital vs Revenue characterisation is one of the key elements in the income tax system – Are you keeping up with recent developments?
This session will cover one of the most persistent issues affecting how significant transactions (like property developments) should be characterised for income tax purposes, looking at:
- Indicators of business profit treatment
- Indicators of an ‘isolated profit-making scheme’
- Indicators of a capital transaction ‘mere realisation’
The session will also explore the different issues that result from different roles in the property development process, covering simpler structures and various types of Joint Venture Development Agreements. The session will use several recent ATO private rulings as case studies to explore the ways in which the tax characterisation of the development and the treatment of proceeds may vary in practice.
Learning Outcomes:
Participants will gain an improved understanding of:
- The general income tax principles that apply to characterisation of property development activities
- The significant case law applying those principles
- The ATO views applying those principles and that case law
- The range of options available to structure property developments
Suited to:
Accountants, tax practitioners, BAS agents, lawyers and other practitioners serving small businesses, private groups and wealthy individuals
You will also be provided with:
- Access to watch the Live Webinar
- Opportunities to ask real time questions to the presenter/s
- Poll questions to test your knowledge
- Access to On Demand recording, which can be viewed multiple times, for as long as required
- Presenters contact details for follow up questions
- CPD Quiz (for On Demand recordings)
- CPD Certificate
- CPD Report – Logged automatically
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
Your presenter
Bruce CollinsTax Controversy Partners
is the founder and principal solicitor at Tax Controversy Partners Pty Limited, currently helping clients to resolve all types of tax issues with the ATO and SROs. Before moving into private practice in 2017, Bruce worked for over 35 years in the Tax Office, a third of this time as a Senior Executive in what is now Compliance & Engagement Group, covering most ATO functions. Bruce was the leader of the Technical & Case Leadership area in Private Wealth for several years prior to leaving the ATO, as well as having previously been the strategic, technical and compliance leader for many of the ATO’s audit programs. Bruce was the Senior Executive sponsors for several ATO projects targeting property development risks – where capital vs revenue were key risks.
Bruce has an Accounting Certificate (1989), a First-Class Honours Degree in Law (1995), a Graduate Diploma in Legal Practice (1996), a Masters of Taxation (2003) and a Masters of International Taxation (2006). Bruce is a Chartered Tax Advisor with the Tax Institute, a member of the Law Society of NSW, a member of the AICD and is both a member of the Law Council of Australia, their Tax Committee and is the current Chair of the Law Council SME Business Law Committee.