GST Zero-rating for transactions including land 2022 - Online CPD

Package Fee (incl GST)

• $145 - NZLS members and Associate members
• $195 - Non-members

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Online CPD Module

A zero-rating regime for business-to-business land transactions has applied from 1 April 2011 and has had a fundamental impact on the landscape in this area. This module will take a practical approach in stepping you through the regime, will help you identify and manage the key GST risks and opportunities, and will update you on recent developments including changes to the standard ADLS agreements.

This module will include:

• A brief overview of the GST zero-rating for land regime:
  • What, when and who is at risk?
• An overview of good contract drafting and pricing practice:
  • GST gross up?
  • The new ADLS agreements
  • Warranties
  • Pricing gone wrong (inclusive pricing)
  • GST information on the front page and the Schedule
• A discussion on the period between contract and settlement:
  • Impact of nomination
  • Second hand goods – what can go wrong?
  • GST registration after contract, including compulsory GST registration
  • Changing GST treatment – Wang
  • Examples from IR CZR guidelines
• An overview on settlements:
  • What information is required from the parties?
  • How does this information impact on the GST treatment?
  • How to deal with missing information?
• Discussions of what is important after settlements:
  • The need to test land use – s 20(3J)
  • Correcting GST treatment after settlement
  • Liability to IR for GST – s 5(23)
  • Liability to the other party for GST – warranty claim cases and the latest ADLS agreements
• Other issues as well as principles emerging from the case law.

Learning objectives

By completing this module you will gain:

• A broad knowledge of the zero-rating rules for transactions that include land.
• A better understanding of the key GST risks and opportunities available for your clients.
• The ability to deal practically with these risks and opportunities in the contract, during the pre-settlement period, on settlement and thereafter.

Electronic paper 

Authors: Catherine Francis, Riaan Geldenhuys, Eugen Trombitas
Published: 8 September 2022
Pages: 29

Introduction

There is no introduction for this paper.

PowerPoint Presentation

These are the slides included in the presentation.