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If you are holding vacant land and currently claiming the holding costs as a tax deduction, then this is important for you.
The release of the 2018/19 Federal Budget saw many new measures proposed by the Government. One of these measures is to deny tax deductions for holding costs on vacant land where the land is NOT used by the owner to carry on a business, including a primary production business. Deductions will only be allowed once the property has been constructed, the building has been approved for occupation and it is available for rent.
The measure is expected to be implemented as of 1st July 2019 and although it is not yet legislation, landholders and potential investors need to be aware of it.
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