Do you own land in a trust or in your own name?
You May Have A Tax Problem…
Is your land undeveloped or only have a residential property on it which is not currently leased?
It’s important you understand the recent changes which may impact you.
A bill that is currently before parliament proposes to deny deductions for property holding costs on certain land held by individuals and trusts.
Bentleys SA tax experts have prepared a summary of the Vacant Land Deductions in an attempt to help you understand the changes from July 1 2019.
Click the link below to view the PDF.
Bentleys SA Vacant Land Deductions
If you hold vacant land that is not clearly associated with a related business, you should talk to us in relation to the deductibility risk of the holding costs. This will be particularly important for property development and agricultural land.
We will be able to help you quantify the risk and implement appropriate strategies to help you maximise a deduction for the costs.
Our experienced tax team are more than happy to meet with you to discuss this further.
Contact us today
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08 8372 7900