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Recorded Webinars

Recorded Webinar: Tax Implications of Failed Property Settlements

As lending restrictions tighten, there are an increasing number of investors (non-resident and Australian) unable to obtain financing and so unable to settle on purchases. This can lead to forfeited deposits, rescinded contracts, damages payments and settlement agreements. This s
PRESENTED BY Andy Milidoni Partner - Johnson Winter & Slattery , Sydney

Date/Time

About the Webinar

As lending restrictions tighten, there are an increasing number of investors (non-resident and Australian) unable to obtain financing and so unable to settle on purchases. This can lead to forfeited deposits, rescinded contracts, damages payments and settlement agreements. This session considers the GST, income tax/CGT and transfer duty implications that can arise, including:

  • Will CGT Event H1 or section 6-5 apply to forfeited deposits and in what circumstances?
  • Application of GST to forfeited deposits – application of Division 99 and the Reliance Carpet case
  • Duty exemption on cancellation of contract – when does it apply?
  • Damages payments – capital or revenue?
  • Can damages constitute consideration for a supply?
  • What is the tax consequence of payments under settlement agreements relating to multiple purchasers in the same development?

Presented By

Andy Milidoni
Partner, Johnson Winter & Slattery Sydney, NSW

Andy specialises in all aspects of taxation and revenue law, trust law and some aspects of superannuation law.  He routinely advises on trust matters including those arising from estate planning, wealth and business structuring.

Andy has acted for clients in respect of private ruling applications and their tax disputes with both the ATO and the State Revenue Offices in respect of income tax, GST, stamp duty, payroll tax and land tax matters.

Who Should Attend?

This webinar is suitable for accountants advising in taxation matters - Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: [email protected]

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