Book Description

New Zealand Law Society Seminar July 1998. Contents: Part 1 - Obligations and implications - Implications for taxpayers of failing to comply - Lawyers' obligations to clients regarding tax advice Part 2 - Relevant GST issues - Liability to register for GST - Time of supply - GST and developers - Where residential property purchased for development or resale is subsequently rented out - Going concerns - Second-hand goods - Wording of the contract - GST invoices and settlement statement - Morgagees and GST issues Part 3 - Income tax consequences - Section CD 4 (third limb) - scheme of undertaking - Section CD 1: Amounts derived from the sale or disposition of any land - Section CE 1(1)(E): rents, fines and premiums and other revenues derived by the owner of land from any lease, licence or easement affecting the land - Section CE 2: Amounts derived from the use or occupation of any land - Section CJ 1 : Sale of land with standing timber - Section GD 10 : Leases for less than market rental - Accrual rules - Stamp duty : exemption for residential land.