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Property Online Series - Part 3: Vacant land rules

Published on 28 Sep 2020 | Took place at Online, National

Recent vacant land cases have demonstrated that various client scenarios will straddle the fence on whether an asset has direct functional relevance to the carrying on of a business and also if unimproved land qualifies as an active asset for tax purposes. This session covered the recent cases and numerous requirements for practitioners to consider.

Individual sessions

Vacant land rules

Author(s):  Seema MISHRA

This presentation covers:

  • rules apply from 1 July 2019
  • limit the deductibility of land related holding and financing costs for certain taxpayers that hold vacant land
  • implications for CGT cost base
  • Eichmann v Commissioner of Taxation [2020] FCAFC 155 Full Federal Court Decision of 17 September 2020.
Materials from this session: