Property transactions are one of the most common and significant dealings forming a large part of just about every Federal and State tax base. This course examines all income tax, CGT, GST, land tax and stamp duty consequences of acquiring, holding, developing, building on, leasing, disposing of or otherwise dealing with land and buildings, including various real property investment options.

After introducing some broad property law concepts to assist in understanding, it examines the specific application of each taxing regime to property transactions. Income tax considerations dealt with include property sale or development whether one-off or as part of a business, income recognition, derivation of rent, lease incentives, building cost write-offs, depreciable property in buildings, home offices, other deductions and financing considerations.

Property trust investments and structuring are examined. CGT and GST as they apply to freehold, leasehold, residential and commercial property are considered, including concessions or exemptions such as the CGT main residence exemption and GST going concern, margin scheme and commercial residential premises accommodation rules. State taxes such as stamp duty and land tax are covered, including their many special rules and exemptions.

Recommended Prior Knowledge
• ATAX0423 Principles of GST Law
• ATAX0411 Taxation of Capital Gains

Students without this prior knowledge may find that they need to take steps to ensure adequate understating of the related area. Note: as some of tax law are interrelated in some courses, we recommend that students either have prior knowledge of the related area or study another course in that area currently.

Course Objectives
At one level, a significant course aim is the development of specialist technical knowledge in the area of taxation of property transactions. However, on a wider level, it seeks to develop your ability to apply tax law in practice, through concentrating not so much on abstract learning of legislative provisions in a void, but rather on learning the law in the context of its application to real world factual circumstances and transactions.

You will also develop an appreciation of the bringing together of the application of various tax laws to a single situation and how all of the potential tax consequences always need to be examined.

Main Topics

• Property law concepts
• Acquisition
• Holding costs
• Leasing
• Expenses
• Infrastructure
• Property development
• CGT on disposal
• Structuring investments
• Tax policy

Assessment

2 Assignments
1 Exam

Course Texts

Prescribed
Information regarding the Atax Textbook Lists for Semester 1 will be available on the UNSW Bookshop website from 1 February.

Information regarding the Atax Textbook Lists for Semester 2 will be available on the UNSW Bookshop website from 1 July.

Recommended
Refer to Course Profile supplied by Lecturer.

Order from UNSW Bookshop:

http://www.bookshop.unsw.edu.au/atax.html

None

At one level, a significant course aim is the development of specialist technical knowledge in the area of taxation of property transactions. However, on a wider level, it seeks to develop your ability to apply tax law in practice, through concentrating not so much on abstract learning of legislative provisions in a void, but rather on learning the law in the context of its application to real world factual circumstances and transactions. You will also develop an appreciation of the bringing together of the application of various tax laws to a single situation and how all of the potential tax consequences always need to be examined.

Textbook lists for ATAX courses will be available from the UNSW Bookshop from 1 February for Semester 1 courses and from 1 July for Semester 2 courses..