Focus on FIDS Part 1
Speakers: Ron Jorgensen Tax Partner, Thomson Geer Lawyers
- Video - Delivered on USB stick
FIDS Law Reform in Tasmania and Associated FIRB Issues
CPD Guide:1.5 SL/PS
Seminar delivered 3 December 2018
A practical, legal and administrative survival course for lawyers, conveyancing support staff, and other professional advisers.
From 1 July 2018, up to 3% additional Foreign Investor Duty Surcharge (FIDS) is levied on a foreign individual, trust or company that acquires a 50% or more interest in Tasmanian residential or primary production property or a unit trust or company that owns Tasmanian residential or primary production property.
This presentation will discuss and use examples to illustrate:
- the core legislative concepts for transfer and landholder duty and FIDS
- technical guidance from the analogous Victorian provisions, FIRB and GST
- interpretation and practice issues particularly for trust and company transactions including self-managed superannuation funds and the classification of residential and primary production property
- change of land use and foreigner status anti-avoidance rules
- TRO Agent and practitioner prudential investigation obligations
- common transaction structuring and documentation to manage FIDS
- management of disclosure and shortfall penalties and interest
- suggested legislative reforms and administrative guidance
From 1 July 2016, the Foreign Investment Review Board (FIRB) rules were strengthened and extensive guidance published generally and in respect of a foreign individual, trust or company directly or indirectly acquiring an interest in Australian residential or agricultural real estate.
This presentation will discuss the associated FIRB issues practitioners will also need to consider when advising on FIDS and how they differ to FIDS.