TAX ALERT - Vacant Land Tax Bill Passed with Amendments
Introduction
Following a review by the Senate Economics Legislation Committee in August 2019, the Treasury Laws Amendments (2019 Tax Integrity and Other Measures No 1) Bill 2019 was recently passed into law, denying tax deductions claimed for holding costs incurred when owning vacant land in a number of scenarios from 1 July 2019.
The final version of the legislation passed Parliament only after a number of amendments were made.