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Property Taxes Series: Update and Planning Options

Published on 25 Oct 2005 | Took place at Leonda by the Yarra, Hawthorn, VIC

This seminar series was held on 18 and 25 October 2005.

The property industry is undergoing constant change as does the taxation law and issues impacting property developers, owners and investors. In parallel, the ATO is increasing its audit activity, with the property industry being a particular focus area - both from an income tax and GST perspective. Recent state taxes changes and land tax proposals currently under consideration by the State Government also have implications for property transactions and structural arrangements involving property in Victoria.

In that context this two part series focused on the tax changes and developments facing the property sector, including the ATO's and SRO's approach, and addressed planning options for developers and investors in practice.

The seminar also addressed in detail some specific changes in GST which can have significant cash impact on certain property developments, covering the ATO's recent interpretation limiting access to depreciation deductions for certain types of property, and covered the broader issues involved in holding and financing property from a tax and legal perspective.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Update on state taxes impacting property

Author(s):  Michael Bearman

This presentation covers:

  • land tax - the proposed trust rules
  • stamp duty - subsales and nominations clauses
  • recent cases and rulings.
Materials from this session:

Structuring issues associated with property investment and development

Author(s):  Anthony BRADICA

This paper covers:

  • capital allowances including the ATO focus
  • factors to consider in choosing a structure, including:
    • taxation status of stake holders
    • wealth creation
    • profit repatriation
    • gearing strategies
  • tax consolidation issues
  • capital allowances including the ATO focus.
Materials from this session:

Current income tax issues impacting property

Author(s):  Marco FELTRIN

This paper covers:

  • depreciation 'plant' in residential properties
  • recent cases, rulings and legislation
  • First Home Owner Grant cases and implications for the CGT Main Residence
  • structuring of sale consideration to optimise tax positions
  • distinctions between plant and capital works.
Materials from this session:

ATO update on GST and property issues, audit and compliance

Author(s):  Michael PATANE

This presentation covers:

  • margin scheme changes
  • post Marana Holdings and GSTR 2000/20 rewrite
  • security deposits
  • retirement villages
  • property development ventures
  • litigation update.
Materials from this session:

The accidental developer

Author(s):  Noel BEHARIS

This paper covers:

  • ABN, GST, income tax, course of furtherance of an enterprise/profit making activity
  • dual intention (develop a number of investment properties but decide to keep one)
  • main residence exemption
  • interaction between principal place of residence exemption under the Land Tax Act and the main residence exemption under ITAA 1997 (especially when main residence is a 'trust').
Materials from this session:

Joint venture arrangements

Author(s):  Ron JORGENSEN

This paper covers:

  • identifying entity joint ventures, joint venture operations and co-owners
  • comparative tax effectiveness of entity joint ventures and joint venture operations
  • mixed investment and development joint venture operations issues
  • the two entity developer model for income tax
  • GST joint ventures and avoidance activities
  • stamp duty and land custodian issues
  • taxation consequences of restructuring joint venture operations
  • documentation and financing and security issues.
Materials from this session:

Deductibility of financing costs for property investments and developments

Author(s):  Stewart GRIEVE

This paper covers:

  • deductibility under general principles
  • application of specific anti-avoidance rules
  • re-characterisation of funding under the debt /equity rules
  • impact of the consolidation regime.
Materials from this session: