Specialists have more than 20 years of tax-related experience
The Urban Task Force (UTF) has announced that it will hold an informative event to help property investors and developers further understand the latest changes to property tax.
In March 2021, the Government announced housing reforms to slow down investor activity, including removing the interest deductibility loophole for future investors and phasing it out on existing residential investments.
Seven months after the announcement, Hamilton’s Lodge Real Estate agents revealed in a report that they had noticed a trend over the previous months of property investors “rotating” properties in their portfolios, selling off older properties to buy newer ones as they try to manage their investments against the recent changes.
With some still confused about the new interest deductibility rules that came into effect in October, the UTF invited Deloitte tax specialists Andrea Scatchard and Susan Wynne to discuss the latest property tax issues that will affect property developments and purchases in the region.
“While these changes were announced in March, developers are still getting to grips with the finer points, and this is an opportunity to hear from industry experts on how to factor these changes into your business,” said UTF chairman Scott Adams.
“This event will provide an overview of what the key changes are, what property is subject to these rules, what exemptions apply, and what areas of interest or concern a business in the property sector needs to be aware of.”
Read more: Realtor reveals how property investors manage recent tax changes
Scatchard is a partner at Deloitte with over 20 years of experience in taxation, particularly GST and employment taxes. Meanwhile, Wynne is a director who has been a business tax specialist for over 21 years.
The two speakers will explain the general rules and identify scenarios where issues are commonly seen, such as mixed commercial/residential properties, claiming second-hand goods credits, and supplies of GST exempt residential accommodation. They will also discuss the latest Inland Revenue activity and its focus areas related to the property industry.
“Both our speakers are experts at providing practical advice in a way that is easy to understand and easy to implement in your business,” Adams said.
“We hope those with an interest in the property investment sector will join us for this informative morning and will come away confident that they have the right processes in place to manage their taxation obligations.”
The UTF will hold the event on November 16, 2021, via Skype. For more information and registration details, please email Vicky Williamson at [email protected].
