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 |
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