How to advise on the tax treatment of subdivision projects
Recorded Thursday, 29 October 2020
Navigating the revenue / capital distinction Reduce the risk of an ATO challenge Managing the tax consequences in practice
Practitioners are often asked to advise on the tax treatment of subdivision projects. Before clients jump in and commit to anything, it is important to understand the tax liabilities that might arise from these projects.
Unfortunately, many clients make incorrect assumptions about the way their project will be taxed, often believing that any tax exposure will be minimal. However, the reality is that there are a number of important issues that need to be considered and that could have a significant impact on the overall profitability of the project.
Why the revenue / capital distinction matters so much
The practical factors that need to be taken into account to reduce the risk of ATO challenge
The unexpected outcomes that can arise from partitioning arrangements
How to actually calculate the capital gain or loss from the project or figure out the profit that should be taxed on revenue account
When the main residence exemption can and cannot be applied
How to determine whether GST will apply to the project and the concessions that might be available
How the new GST withholding and notification provisions can impact on both parties
Our Presenter
Michael Carruthers
Tax Director, Knowledge Shop
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Easton group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy. Michael is a member of the advisory panel for the Board of Taxation and was a member of the reference group for the Board’s review of small business concessions.
He was also an expert panel member for the Board’s review of tax impediments facing small business.
Michael Carruthers
Tax Director, Knowledge Shop
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