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Taxing Rental Property and Top 4 GST Cases in 2004

Published on 25 Nov 2004 | Took place at Leonda by the Yarra, Hawthorn, VIC

This seminar looked at two topics - 'Taxing Rental Property' and the 'Top 4 GST cases impacting SMEs in 2004'.

With the continuing hot property market in 2004, tax issues for real estate are at the forefront of practitioners' concerns. Rental properties in particular produce a range of complex problems for landlords and tenants that can easily turn into traps and lost opportunities for the unwary. This seminar examined a range of issues of relevance to both landlords and tenants.

In addition the top four GST cases of 2004 that were of significance to SMEs were reviewed.

Individual sessions

Taxing Rental Properties - Selected Issues

Author(s):  Ron JORGENSEN This paper examines a range of issues of relevance to both landlords and tenants, including:

  • new Draft Taxation Ruling TR2004/D18 on lease surrender payments and receipts
  • tax treatment of lease incentives
  • joint ownership of rental properties
  • whether tenants can claim a capital loss for tenant's leasehold improvements when the lease ends?
  • can tenants claim a tax deduction or capital loss for property restoration works when the lease ends?
  • availability of small business CGT concessions to landlords who sell commercial rental properties, holiday apartments, hostels, student accommodation or properties occupied by 'connected entities'
  • sale of a going concern conducted on leased real estate - does the GST exemption apply if the buyer can't or doesn't need to take over the lease?
  • stamp duty treatment of tenant's fixtures - new section 22A of the Duties Act.
Materials from this session: