Understanding the GST implications of residential property transactions is critical, as incorrect assumptions or disclosures can expose clients and practitioners to significant risk. A clear understanding of when a residential property sale may be subject to GST, and how those issues should be reflected in transaction documentation, is essential to avoiding costly errors and disputes.
This practical webinar will examine the circumstances in which the sale of residential property may attract GST and the implications for parties entering into a transaction. The presenters will explore the GST provisions of the TLANZ/REINZ Agreement for Sale and Purchase of Real Estate, focusing on the operation of the GST clauses and warranties, common areas of misunderstanding, and the consequences that can arise where incorrect GST information is provided.
Using practical examples and common scenarios encountered in practice, the session will provide guidance on identifying GST risk factors, navigating GST-related disclosure requirements, and advising clients with confidence throughout the conveyancing process.
