As seen in Woopi News July 2025 Since 1st July 2019, a deduction for holding costs relating to vacant land can no longer be claimed as a tax deduction. This applies even if the land is intended for investment purposes in the future, costs must be capitalised and...
It is important to get advice specific to your circumstances from a qualified professional who will ensure you have considered all the variables. It’s best not to rely on what you see or read on social media, often these people are leaving out important information and referring to foreign tax laws that are not applicable here in Australia.
The ATO has issued a release highlighting rental properties as one of its focus areas for the 2022 tax year. It’s an area that is easy to get wrong and extra care needs to be taken when including a rental property schedule in your tax return.