Helping landlords and tenants manage their tax obligations
Recorded Wednesday, 24 June 2020
Tax impacts of adjusting rental arrangements due to COVID-19 Dealing with leasehold improvements Lease incentives and lease surrender payments
Whether looking at things from the perspective of the landlord or the tenant, there are a range of often complex tax issues that need to be considered when clients are involved in lease arrangements.
While there are some detailed ATO rulings dealing with issues associated with leases, they don’t always reflect the latest updates to the rules and it is easy for clients to miss out on deductions that might be available.
This session looks at the common issues that arise in connection with lease arrangements and the special rules that are aimed directly at tenants and landlords. We also look at specific issues that arise when lease arrangements are adjusted in response to the impact of COVID-19.
What we cover
This practical webinar covers:
Tax implications when rental arrangements are adjusted due to COVID-19
Rent paid in advance vs. lease premiums
When a lease incentive will be taxed upfront
Different types of lease incentives and how they are taxed
When deductions can be claimed for lease surrender payments
Determining who can claim deductions for leasehold improvements
Dealing with make-good payments
What happens to leaseholder improvements at the end of a lease
Which small business tax concessions can and cannot apply to commercial rental activities
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 Hayes Knight 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 is 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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