TAX ALERT - Vacant Land Tax Bill Passed with Amendments
Lowe Lippmann Chartered Accountants
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.
Year-end tax checklists for Individuals and Businesses We have recently prepared two Year End Checklists which help explain some common strategies that may be considered for Individual and Businesses taxpayers. Year End Checklist for Individuals – click here Year End Checklist for Businesses – click here
Many business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for profitable small businesses is based around accelerating deductions and deferring income. The Year End Checklist in the link below explains some common strategies that may be considered for all business taxpayers.
A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year. However, any individuals with potentially reduced income for the 2025 tax season may want to instead consider deferring any deductible expenditure (if possible).
