Tax and duty issues for real property

Every adviser will, in some way or another, deal with real property. When dealing with property, it is easy to forget the myriad of tax consequences that can arise.

At the upcoming 2018 North Queensland Tax Symposium, Sally Newman, CTA, looks at the tax issues, and uncovers some of the traps for advisers in her session ‘Tax and duty issues for real property’, and the follow-up workshop ‘Restructure of an agribusiness’ which she previews here.

Sally told us, “The session on Tax and Duty Issues for Real Property will focus on some tips and traps for advisers when dealing with transactions with a real property element.  It is designed to provide something of a practical checklist for advisers who might not specialise in advising on tax and duty issues for property and who want an overview of some of the twisty issues that come up in real property transactions. In the workshop, delegates can expect to learn about the duty and tax issues involved in a family agribusiness restructure, including accessing rollovers and the CGT small business concessions.”

Looking at how the information presented will assist clients, she said, “The presentation will make it easier for delegates to identify some of the perhaps unexpected tax and duty issues that can arise when dealing with real property, and will also assist with some practical solutions to these issues.  The workshop will be practical and interactive, and will assist advisers to step through the various options for obtaining tax and duty relief when restructuring an agribusiness.”

At Sally Newman Consulting, Sally focuses on GST, stamp duty and other state taxes, and advises on tax issues for business including in respect of corporate restructuring and asset and business sales. Sally also helps clients resolve tax disputes. Prior to starting her own firm in 2018, Sally worked for over 12 years in MinterEllison’s Brisbane tax team. Sally also provides tax advisory services with the Sydney Blueleaf Consulting group.

She said “My aim is to simplify difficult tax issues for my clients.  My specialities are stamp duty and GST (particularly in the property and resources sectors) and I also have broad experience across a range of areas including tax considerations in estate planning and business succession, tax issues in SME and large mergers and acquisitions, insolvency, alternative dispute resolution, tax and duty issues for trusts and tax drafting for contracts.  I have been listed in Doyles’ Guide as a Recommended Lawyer for Tax (2015, 2016) and in Best Lawyers Australia for my trusts and estates work (2016/2017, 2017/2018), and I was one of the Property Council of Australia’s 100 Women in Property in 2017.”

Asked which other sessions at the symposium she is most interested in attending, Sally told us “I am very much looking forward to the panel session on ATO In House Facilitation. I think it’s a valuable process, and understanding how best to access it and how to limit the issues at stake will be very helpful.”

2018’s North Queensland Tax Symposium takes place 26 October in Townsville.

This year’s program looks closely at duty affecting private businesses. Practical and in focus, it looks at maximising the outcomes of structuring and restructuring, transfer duty, managing division 7A, dealing with real property and other crucial areas of tax law which will affect their clients’ business objectives.

Find out more on our website.

Read the post from Rosalie Cattermole, CTA, (Cooper Grace Ward Lawyers) on her session at the symposium ‘Transfer duty dealing with dutiable property in Queensland’ here


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