Identify and manage the impact of the complex new rules
Recorded 9 December 2019
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.
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
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
Tax Director, Knowledge Shop
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