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2020 Property Online Series - Part 3: Vacant Land Rules

Monday, 28 September 2020 - 12:30 PM to
1:30 PM
Online AEST
Event Coordinator:

Registration Time:

Member Price: $75.00

Non Member Price: $95.00

CPD hours:1.00

Part 3: Vacant Land Rules

Recent Vacant Land cases have demonstrated that various client scenarios will straddle the fence on whether an asset has direct functional relevance to the carrying on of a business and also if unimproved land qualifies as an active asset for tax purposes. This session will cover the recent cases and numerous requirements for practitioners to consider, including:

- The Vacant Land Active Asset Test in more detail: the requirements to be met plus tips and traps
- The Eichmann Case: the facts, AAT decision, Appeal to Federal Court, Commissioner wins
- Considerations for determining if an asset is a significant part used in the course of carrying on a business
- Denial of deduction
- How much use of an asset is needed before it becomes an active asset for the CGT small business concessions?

Presenters: Seema Mishra, CTA, Norton Rose Fulbright

Seema Mishra, CTA, is a taxation lawyer based in Sydney and has extensive experience in practising taxation law in the areas of income tax, GST and state taxes.
Seema has worked across a range of industries, with a particular focus on the property and construction, government, funds and financial services sectors. She has advised domestic and multi-national organisations in relation issues including the direct and indirect tax implications of establishing business operations in Australia, cross-border considerations, property sale agreements and collective investment vehicles. She is also involved in class ruling and private ruling applications, Australian Taxation Office and State Revenue Office audits and objections.