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Courses/Accounting & Tax/Income Tax

Real Estate Agents - Personal Tax Obligations

Navigate income tax and GST considerations for real estate agents, including IRD focus areas, contractor status, home office claims, and property implications.

Created byTEO Training
BeginnerUpdated Jan 18, 2025
Real Estate Agents - Personal Tax Obligations

What You'll Learn

check_circleUnderstand income tax obligations for real estate agents, including filing requirements, independent contractor vs. employee status, and withholding tax rules.
check_circleLearn how to manage provisional tax and identify deductible costs related to real estate activities, including motor vehicles, home office, and entertainment expenses.
check_circleExplore the implications of retainers and downturns, such as COVID-19 impacts, on tax obligations.
check_circleUnderstand the interplay between real estate activities and property ownership from a tax perspective.

About This Course

This course is focused on what Real Estate Agents need to know.

It will address the relevant taxation considerations for those working in the industry.

We will cover the various income tax and GST considerations that apply to Real Estate Agents and the impact these have on other activities or assets.

We will review the IRD’s position on relevant matters and explain the implications for you. Real Estate Agents are one of the current industry focuses for the IRD, with several reviews and audits conducted over the past 12 months.

Key Topics:

Income Tax and Filing Obligations:

  •  Differentiate between Independent Contractors and employees.
  • Understand how the Withholding Tax regime applies to agents.
  • Manage provisional tax obligations effectively.
  • Identify deductible costs related to real estate activity.
  • Account for private use adjustments for assets like motor vehicles.
  • Apply entertainment and sponsorship rules accurately.
  • Claim home office expenses appropriately.
  • Address tax implications for retainers, new industry entrants, or COVID-19 downturn assistance.
  • Understand the interaction between the Real Estate Agent role and property ownership.

GST Considerations:

  • Determine GST registration requirements.
  • Evaluate IRD’s view on GST registration and its impact on property rental activities.
  • Understand ongoing GST obligations for registered agents.
  • Handle GST accounting, returns, and invoicing requirements.
  • Identify deductible GST costs and private use adjustments.
  • Address GST implications of other activities, such as operating an Airbnb from a personal home.
  • Manage home office claims for income tax if GST registered.

 

Suitable for: Anyone involved in the property industry, including: Real Estate Agents, Property Brokers, Property Managers, Property Valuers, Property Owners/Investors.

Your Instructors

TEO Training
TEO Training
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TEO Training provides practical learning experiences on primarily tax-related topics for accountants, lawyers and business advisors across New Zealand.

Daniel Gibbons
Daniel Gibbons

Partner at Findex/Crowe

Daniel is a Partner for Findex in Queenstown. Daniel has been with Findex for 16 years, where he advises on a wide range of tax matters, including property transactions and property ownership structures, international taxation issues, the tax treatment of investments and providing structuring advice to clients, including assistance for family group restructures. Daniel is recognised as a leader in the taxation treatment of short stay accommodation, providing training to other practitioners.

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