Legislation has been passed recently to deny deductions for losses or outgoings incurred that relate to holding vacant land by individuals, partnerships, trusts or self-managed superannuation funds.
Various exclusions apply including where land is for primary production or where it is held available for use in the course of carrying on a business.
The amendments apply from 1 July 2019.
The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.
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