Property Tax and Stamp Duty in Victoria: Essential Update
Gain a practical understanding of tax issues related to property whether you are looking at trusts, subdivisions, property development or tax on property in an Estate. Covering the latest in stamp duty, GST and property developments, plus practical tax considerations for dealing with property in the estate plan. Don’t miss this 2 hour update with practice leaders.
Description
Attend and earn 2 CPD hours
FASEA CPD Categories
Estimated 2 CPD hours in Technical Competence
This program is based on VIC legislation
Chair: Paul Sokolowski, National Practice Leader - Taxation, Arnold Bloch Leibler
2.30pm to 3.10pm: Victorian Stamp Duty Issues
- Distributing property out of a trust to a beneficiary
- Achieving stamp duty exemption
- Out of the 3 year period
- Timing and other considerations
- Moving property within a corporate group: limitations of corporate reconstruction relief
- Subdividing and partitioning land
- ‘Subsales’ and ‘double’ duty: easy to trip up, complex to fix up
- Development management agreements and ‘economic entitlement’ duty
- Dutiable leases and valuable fixtures: important points to remember
Presented by Rachel O’Donnell, Special Counsel, Head of Indirect Tax, Hall & Wilcox
3.10pm to 3.50pm: GST Issues for Property Developers
- Property supplies and acquisitions – overview of relevant GST treatments
- Margin scheme overview and insights
- GST Withholding for property development
- Potential use of the sale of going concern provisions
- Change of use Division 129 adjustments
- Property industry and ATO activity on GST
Presented by Andrew Barrah, Partner – Indirect Tax and Raoul d’Cruz, Manager - Tax, Grant Thornton
3.50pm to 4.30pm: Understanding Property Tax Issues in the Estate Plan
- How the ownership of the property impacts the ability to gift it to the intended beneficiary and why is this important to your clients
- Impact of changes to concessional tax treatment of testamentary trusts
- Practical tips on achieving objectives if property is owned in a family trust or an SMSF
- Consideration of tax and duty implications of holding property in a family trust, with particular focus on the recent crack-down on any “foreign” ownership links
- What if the value of the property exceeds the intended provision for the chosen beneficiary?
- What to do with the principal residence?
- How to deal with property located overseas?
Presented by Krista Fitzgerald, Practice Leader, Private Clients, Moores; Recommended Wills, Estates & Succession Planning Lawyer, Doyles Guide 2019
Learning Objectives:
- Hear the latest developments on potential property tax reforms, and other tips and tricks on stamp duty
- Get insights into cutting edge GST strategies
- Receive practical tips on property and its’ role in the estate plan
Presenters
Paul Sokolowski, National Practice Leader - Taxation, Arnold Bloch Leibler
Paul Sokolowski is a partner at Arnold Bloch Leibler, and the practice leader of firm's taxation practice. He advises a range of clients, including high-net-worth individuals, some of Australia's largest family groups, public companies and charitable organisations.
Rachel O’Donnell, Special Counsel, Head of Indirect Tax, Hall & Wilcox
Rachel has over 15 years of experience advising on tax law and specialises in stamp duties, land tax and payroll tax in all Australian states and territories, as well as GST. She heads up the indirect tax practice at Hall & Wilcox. Prior to this role, Rachel was a director in the tax team at PwC.
Andrew Barrah, Partner – Indirect Tax, Grant Thornton
Andrew is a GST Partner at Grant Thornton Australia and has 20 years of indirect tax experience advising on GST and other indirect taxes, including over 12 years industry experience leading ANZ Bank's indirect tax team across Australia and the Asia Pacific. Andrew provides advice to public and private entities on complex financing and transaction structures involving inbound and outbound Indirect tax issues.
Krista Fitzgerald, Practice Leader, Private Clients, Moores
Krista Fitzgerald is a Practice Leader in the Estate Planning & Probate team at Moores and provides legal advice to financial advisors, accountants, lawyers, and their clients. She is a member of STEP (Society of Trusts and Estates Practitioners) and recently completed her advanced certificate in Cross Border Estates. Krista has been included in Doyle's Guide Victorian Wills, Estates & Succession Planning Law Rankings since 2018, and received a rank of Leading in this field in 2020.