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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
Peter is a Corporate Tax Partner at KPMG. He is currently the leader of KPMG South Australia’s Government practice and KPMG’s National Forestry Practice. Peter is also a member of KPMG’s National Energy and Natural resource Executive. Peter has advised a large number of agribusiness participants, particularly in the forestry, wine and traditional farming sectors. Peter is a past State Chairman of the Taxation Institute of Australia’s South Australian State Council.
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This was presented at 38TH SOUTH AUSTRALIAN STATE CONVENTION: A SPECTACLE OF TAX .

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Author(s):  Annette CHOOI

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