New tax rules will operate from 1 July 2019 to prevent certain taxpayers from claiming tax deductions in relation to vacant land.
If the rules apply, you will not be entitled to claim deductions such as bank interest, land taxes, council rates, and maintenance costs.
It is recommended that you review these new rules work in practice to see how you will be impacted and ensure that you tax plan appropriately.
Dr Mark Pizzacalla, partner, Tax & Advisory at BDO, shares his insights in this edition of BDO’s Professional Practices Network Update video, “Three minutes with Mark”.
These are the previous Three Minutes with Mark videos. While they are created to be relevant at the time of distribution, you might find some of the past videos of interest. Click here to view.