Tax Deductions for Vacant Land (Mar 25 Tax Update)

Relevant For:

Property owners, investors and business owners seeking clarity on claiming tax deductions related to vacant land.

Key Points:

• Vacant land lacks a substantial permanent structure or has an uninhabitable/unoccupied residence.
• From 1 July 2019, tax deductions for holding vacant land were restricted.
• Costs of owning vacant land are typically non-deductible unless specific conditions are met.
• Deductions are available if land is used in business (with no residence), primary production or held by certain entities.
• Temporary exemptions apply for events like fire or natural disasters.

Full Article:

For property owners, the question of