Property is a searing hot commodity right now. But with the opportunities come some very real tax risks. Take a deep dive into complex tax triggers including bright-line property tax and residential land tax withholding (RLWT). Examine tax issues in commercial property transactions including income tax treatment of sale proceeds and key clauses to look out for. Plus, understand how best to utilise the build-to-rent regime. Attend and add critical skills to your inventory. WEB238NZA02Z
Tuesday, 22 August 2023
3.45pm to 4.30pm Tax Issues in Commercial Property Transactions
- Income tax treatment of sale proceeds
- Structuring commercial property ventures; Scenarios and case studies
- GST: Why does it matter and when will it affect your commercial deal?
- Key tax clauses in legal documents
Presented by Chris Harker, Partner, Mayne Wetherell
2.00pm to 2.45pm Build-to-Rent: An Emerging Asset Class in New Zealand
- What is a "build-to-rent" development?
- What are the key tax considerations for build-to-rent developments?
- Criteria for "build-to-rent land" under the Income Tax Act 2007
- Where to from here? Remaining issues and the potential for future tax law change
Presented by Greg Neill, Partner, Russell McVeagh
2.45pm to 3.30pm Bright-Line Property Tax: Dissecting the Issues
- 10-year bright-line test
- New “main home” exemption versus old “main home” exemption
- New builds and the 5-year bright-line test
- Rollover reliefs: focusing on the rollover relief for transfers involving family trusts
- Tax considerations for change in co-ownership of land
- Land transactions between parents and children
- Bright-line test and overseas land
Presented by Graham Lawrence, Director, The Advisory Group and Harriet Zhang, Tax Manager, The Advisory Group
4.30pm to 5.15pm Residential Land Withholding Tax (RLWT):
- What is RLWT and when did come into effect?
- What is it meant to achieve?
- Who has to withhold?
- When?
- When must amount withheld be paid to IR?
- What happens if amount not withheld, or amount withheld not paid?
- Penalties
- Recovery
- Prosecution
Presented by Pamela Davidson, Barrister
Chair:
Barney Cumberland, Partner, Simpson Grierson
Description
Attend and earn 3 CPD hours
3.30pm to 3.45pm Afternoon Tea
Learning Objectives:
- Gain practical tips on how best to utlise the Emerging Asset Class in New Zealand Build-to-Rent
- Dissect the Issues surrounding the bright-line property tax and best practice for your next property transaction
- Work through key tax issues in commercial property transactions across income tax treatment, structuring commercial property ventures, GST and key tax clauses to look out for
- Understand Residential Land Withholding Tax (RLWT)
Presenters
Mr. Graham Lawrence, Director, The Advisory Group
Graham is a tax partner at The Advisory Group which is a boutique advisory practice based in Auckland. Graham has over 22 years advising customers on the key tax issues around commercial property transactions and submits on policy changes with the Inland Revenue Department. Needless to say, Graham’s finger is firmly on the pulse of the latest tax and legislative developments affecting commercial property.
Ms. Harriet Zhang, Tax Manager, The Advisory Group
Harriet joined The Advisory Group as Tax Manager in 2022. Harriet has over 7 years of experience working in the tax space, 5 of which was at one of the top mid-tier CA firms in New Zealand. Harriet has worked with clients from a broad range of industries and enjoys providing clients with practical solutions to complex tax issues. She has a particular interest in the areas of property taxation and tax-efficient business structuring.
Mr. Greg Neill, Partner, Russell McVeagh
Greg Neill is a Partner at Russell McVeagh. Greg is a highly experienced tax lawyer and provides advice on a broad range of New Zealand tax matters for large corporates, financial institutions and private businesses based in New Zealand and offshore. His primary expertise includes M&A, private equity, banking and corporate finance, as well as land transactions, emissions trading, private wealth investment and general corporate tax.
Chris Harker, Partner, Mayne Wetherell
Chris advises on tax law. He has advised on a number of significant transactions including mergers and acquisitions, restructures, Public Private Partnerships (PPPs), and financing arrangements. He has also acted for clients seeking binding rulings from Inland Revenue in respect of prospective transactions, and represented clients in respect of Inland Revenue investigations and disputes.
Ms. Pamela Davidson, Barrister, Lambton Chambers
Pam Davidson is a barrister practising from Lambton Chambers in Wellington. Her areas of expertise include taxation, public law and the law governing charities and non-profits. She is the author of Taxation of Property Transactions in New Zealand (Thomson Reuters, 2016) and a member of the Tax Law Committee of the New Zealand Law Society. Pam chaired the Legalwise updates on Charities and Not-For-Profits law in March 2023 and March 2020 and chaired the New Zealand Law Society’s Tax Conference in September 2020. She also presented on judicial review in tax matters at the Legalwise judicial review update in February 2021 and on tax issues at the Legalwise Charities NFP and Social Enterprise update webinar in March 2022. She has written articles on various aspects of tax and charities law. She has advised on and acted as counsel in a wide variety of tax, public law and other civil litigation matters. Pam graduated LLB from the University of Canterbury in 1982 and completed an LLM from Victoria University of Wellington in 1994.
Barney Cumberland, Partner, Simpson Grierson
Barney is a partner in Simpson Grierson's tax group. He has significant experience across all aspects of New Zealand's domestic and international tax law. He advises clients on a wide range of investment and finance transactions, both domestic and cross-border. Barney also assists clients with tax disputes and litigation. He is recognised in the Asia Pacific Legal 500 Tax 2016 - Leading Lawyer, Chambers Asia Pacific Tax 2015 - Up-, and-coming Lawyer, The Tax Directors Handbook 2014 - Recommended Lawyer, The International Who's Who of Corporate Tax Lawyers 2014 -, Leading Lawyer.