Vacant Land Deductions: The New Rules

Identify and manage the impact of the complex new rules 

Monday, 9 December 2019

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Identify clients caught by the new rules
When deductions can and cannot be claimed for newly constructed rental properties
The hidden traps and problem areas

New legislation will prevent some clients from claiming interest and other holding costs from 1 July 2019 for property that they own. While the rules are aimed at specific problem areas, they are complex and will be difficult to navigate for many clients.

With these rules targeting 'Mum & Dad' property developments, it will be essential for every practice to be able to identify affected clients and apply these complex new rules.

This webinar works through the new rules to help you identify clients who could be caught and the process that needs to be followed to determine the tax impact. We also walk through the last-minute amendments that try to limit the scope of the rules and look at the situations where problems might still exist.

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What we cover

The new rules limiting vacant land deductions are complex. This practical webinar walks through the process for identifying what clients are impacted and the process to determine the tax impact:

  • Identifying clients who can ignore the rules and why
  • Working through the specific exceptions for primary production land
  • Understanding the impact that the rules will have on rental properties under construction
  • What happens to expenses that cannot be deducted?
  • Determining when land that contains a building or other structure is still treated as though it was vacant
  • New record keeping requirements that have been introduced under these rules
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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 Investments’ national tax advisory committee. He 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
Michael Carruthers
Tax Director, Knowledge Shop

Monday, 9 December 2019

12:00pm - 1:00pm AEDT in ACT, NSW, TAS & VIC
11:30am SA | 11:00am QLD | 10:30am NT | 9:00am WA

Members

  • $195 Individual access
  • $350 Office access*
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Non-Members

  • $235 Individual access
  • $390 Office access*
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Terms & conditionsAll registrations to Knowledge Shop events are subject to our terms and conditions which include a cancellation policy. No refunds are provided for cancellations received 1 day prior to the webinar. No credits are available less than 2 hours prior to the event under any circumstances.

*The office rate applies per office location (maximum 10 participants per office location). The PD points for all attendees will be recognised - multiple links at same location if required. We will contact you for the names of your team once you have registered as an office.

Requirements

You will need a computer with audio!!

  • Audio Your computer needs speakers or a headset to hear the audio (do a quick check these work). If you are having problems, you can dial in on the phone number provided on the reminders and confirmation but please note your carrier will charge you at long distance rates.
  • Software Join the webinar 15 minutes prior to check that your computer systems allow you to download the GoToMeeting software. Or check your connection days before the webinar by going here
  • Webinar URL To join the webinar, you need to click this link. It was sent to you when you registered and will also be on the reminders - check your spam if you have not received and please contact us ASAP if you have lost.
  • Changing computers If you need to change computers during the webinar, make sure you log off the webinar on the first computer before logging onto the second computer.
  • PC requirements PC users (Windows® 8, 7, Vista, XP or 2003 Server) ; Mac users (Mac OS® X 10.6 or newer); Mobile users (iPhone®, iPad®, Android™ phone or Android tablet).