Tax and Property Transactions seminar notes, November 2009

The Tax and Property seminar notes present the answers to key questions, including:

• When will the disposal of real property be taxed on capital account as a ‘mere realisation'?
• What happens if a taxpayer has a change of purpose eg acquiring property on capital account but subsequently deciding to subdivide and sell?
• What distinguishes a property developer from a speculator and what are the tax consequences?
• Main residence - in what circumstances is the exemption extended or restricted?
• Interest incurred in respect of property - when is it deductible?
• Deductions available in respect of rental properties
• Where developers who are unable to sell; properties rent them out, what are the income tax and GST implications?

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