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Depreciating Assets - Sales, write-offs and other issues convention paper

Published on 12 Mar 04 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

What tax adjustments are now required when my client sells a commercial building, a vineyard or an item of intellectual property? What balancing adjustments now exist?

This convention paper provides a much needed practical review of the issues emerging out of transactional work in this area including:
- sale & restructure of depreciating assets
- land & buildings acquisitions and sales: interaction of capital works deductions & CGT
- who is the holder of land improvements?
- vineyard establishment expenditure and other primary production write offs
- intellectual property
- balancing adjustment rollovers and tax planning associated with sale of depreciating assets
- implications to buyers.

Author profile:

Peter Siebels CTA
Peter is Principal at 4D Advisory, a business specialising in the needs of Family owned businesses. He was formerly National Managing Partner of the Private Enterprise practice for KPMG in Australia, a member of KPMG's Global Middle Market Executive and a National Board member of KPMG. During his 30 year career at KPMG, he was Tax Partner from 1996, Partner in Charge of Tax Consulting in SA from 2001 - 2007 and was appointed Chairman of Partners, SA in 2003, a role he held until 2011. Peter is a former Chairman of TTI State Council, current Board member of the RAA and the Electricity Industry Superannuation Scheme and sits on a number of other Private Company and Non Profit Boards. He was previously a member of the Board of Business SA, the State Theatre Company and the Walford Anglican School for Girls, and now focusses on balancing his Board portfolio with advising a number of family businesses. He is passionate about the challenges confronting private enterprise and their important role in driving economic activity. Current at 18 November 2015 Click here to expand/collapse more articles by Peter SIEBELS.
 

This was presented at 38TH SOUTH AUSTRALIAN STATE CONVENTION: A SPECTACLE OF TAX.

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