New tax laws were proposed as part of the 2018 federal budget to deny tax deductions on the costs of holding vacant land, that has now been passed and come into effect from the 1st July 2019. These new laws apply regardless of when the land was held, (no grandfather clauses for pre 1st July 2019 lands).
new laws are contained in Treasury Laws Amendment (2019 Tax Integrity and
Other Measures No.1) Act 2019 which received royal assent on 28 October 2019.
Entity Types Affected!
Individuals – (Mum & Dad Investors)Private trusts (closely held