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South Australian 6th Annual Property Day

Published on 15 Feb 2013 | Took place at Intercontinental Hotel, Adelaide, SA

    The property tax landscape is constantly evolving, and the practical challenges and opportunities never stop. Despite the recent downturn in the property market, the everyday activity of property developers, owners and investors continues to raise difficult issues. At the same time, the property industry continues to be a focus area of the Australian Tax Office and RevenueSA, creating even more potential headaches. This full day property seminar brought together specialists from different areas of taxation to discuss the issues and problems, and to offer practical property solutions, using case studies and worked examples.
    Topics covered include:
  • unit trusts - the optimal vehicle for property acquisitions?
  • land tax - lessons learnt form "epic fails"
  • income tax and CGT - in the real world
  • GST - in the real world
  • main residence and CTGT
  • stamp duties - here to stay
  • SMSF syndication and fundraising - bees around the honey pot.

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Individual sessions

Unit trusts - The optimal vehicle for property acquisition?

Author(s):  Leo Efthivoulou

This paper assesses the various features of the modern unit trust for holding real property and the typical tax and commercial issues that arise in practice when capitalising, managing and restructuring unit trusts involved in property transactions.

Topics covered include:

  • pros and cons of unit trusts against other acquisition vehicles - a re-think?
  • capitalise/borrowing at trustee or unit holder level?
  • managing UPE and Div 7A issues
  • accessing tax shelters from capital works and allowances
  • SMSFs or discretionary trusts as unit holders - factors to consider
  • winding up - unit redemption vs capital distribution and vesting.
Materials from this session:

Land tax - Lessons learnt from "epic fails'

Author(s):  Andrea MELILLO

This practical paper:

  • covers the land tax rules relevant to property investors and developers particularly how those rules can be applied to ensure clients do not unnecessarily pay increased land tax
  • reflects on the lessons learnt from real life examples where clients and advisors have missed opportunities or applied the Land Tax Act incorrectly and suffered negative outcomes
  • reflects on any recent judicial decisions handed down and the attitude of RevenueSA particularly in relation to compliance and structuring techniques currently being utilised to minimise land tax.
Materials from this session:

Income tax and CGT - In the real world

Author(s):  Simon HOW

This paper reviews a number of the practical problems, related to income tax and CGT, that all practitioners need to be aware and consider, including:

  • we all know about the income/capital distinction but, in practice, when can taxpayers claim capital treatment?
  • claiming the Div 152 small business concessions in connection with real property developments? 
  • joint venture issues (including using unit trusts to hold & develop real property)
  • capital works/depreciable assets/fixtures.
Materials from this session:

GST - In the real world

Author(s):  Lisa SMITH

Property investment and development raise the full spectrum GST issues. This paper reviews a number of the practical problems that all
practitioners need to be aware and consider, including:

  • development & refurbishment of residential premises
  • development for mixed use (commercial & residential)
  • going concern and margin scheme rules
  • implications of change in use (Div 129)
  • GST for joint ventures.
Materials from this session:

Main residence and CGT

Author(s):  Karen GREGOR

Everyone assumes that selling the main residence will be tax free. But it may not be! There may be some nasty surprises. This practical paper uses case studies to discuss problems faced when applying the Main Residence Exemption in the following areas:

  • subdividing the family home
  • adjacent land – the two hectare rule
  • deceased estates, including testamentry trusts
  • inherited dwellings.
Materials from this session:

Stamp duties - Here to stay

Author(s):  Julie VAN DER VELDE

Stamp Duty continues to be a central consideration for clients and advisors planning for the purchase or sale of land (or ‘land holding’ entities) including intergenerational transfers of land.

This practical paper uses examples and case studies to:

  • outline successful (and not so successful) applications of the stamp duty rules and exemptions for:
    1. purchases of land and ‘land holding’ entities
    2. restructures involving ‘land holding’ entities
    3. transferring land from one generation to the next
  • reflect on the lessons learnt from the Pharmos decision recently handed down by the South Australian Supreme Court
  • consider potential applications of Part 6A of the Taxation Administration Act (Tax Avoidance Schemes).
Materials from this session:

SMSF syndication and fundraising - Bees around the honey pot

Author(s):  Matthew Andruchowycz

The business sector is increasingly looking to the $460 Billion in SMSFs to finance projects, ventures and acquisitions. This paper covers the practical, legal and taxation ramifications of SMSF participation in joint ventures, property syndications and managed investment schemes. The paper includes useful case studies with a focus on real property acquisitions / developments.

Topics covered include:

  • acceptable investment vehicle
  • Corporations Act compliance issues, managed investment schemes, responsible entity,retail / wholesale client distinction, licensing / disclosure requirements
  • material contracts / agreements
  • considerations regarding development / borrowing / third party service provision
  • SIS Act compliance issues, in-house asset standard, uncommercial dealings, non-arm’s length income
  • SMSF borrowing to fund equity participation.acquisitions / developments.
Materials from this session: