Please sign in here using your existing KPMG Account (KPMG Directors’ Toolkit | KPMG Tax Now | KPMG Support).
If you cannot remember your sign in details, or you need assistance, please contact us.
Non-deductible cost of holding vacant land
Richard Wilkins reviews proposed legislation that will deny investors a deduction for holding costs relating to vacant land.
A taxpayer’s assertion that vacant land is being held with the intention to ultimately derive income (usually from an investment property) would no longer be sufficient to claim a deduction for various holding costs under a Bill currently before Parliament.Previously announced in the 2018-19 Budget, the legislation would effectively reverse the case law precedent established in the High Court decision in Steele v. Federal Commissioner of Taxation 99 ATC 4242 that allowed a deduction for inter...
Sign in below or register now to read the full article
Authors: Richard Wilkins
Published Date: 14 August 2019
KPMG Tax Now is a digital media website that brings together industry-leading tax news, insights and more from our global network of experts.
Stay informed of important policy and legislation changes, and what it means to you and your business.
Subscribe to our KPMG Tax Now platform to receive important updates delivered to your inbox, access to exclusive multi-media content, and invitations to interactive information sessions with KPMG experts.
If you are an existing user please click here
Please sign in here or Register if you don't have an account