An in-depth guide to new law denying deductions for holding vacant land.
New legislation has recently been enacted to deny deductions for expenses associated with holding vacant land which will affect many property developers and investors who acquire land for construction or who subdivide the family home block. Amongst the issues to be covered are the following:
• Which deductions are targeted?
• What is vacant land?
• In which circumstances will deductions be denied?
• What are the implications of having a ‘structure’ on the land?
• Which taxpayers are affected and which are excluded?
• Exclusions for carrying on a business, primary production and victims of exceptional circumstances
• Structuring tips to maximise deductions
• What happens to denied deductions?
• Tips and traps to get the best tax outcome for your clients
Webinar Learning Outcomes:
Participants will gain an in-depth understanding of the recently enacted measures to deny deductions for expenses associated with holding vacant land.
A deep dive into the new rules, ideal for tax practitioners, accountants and other professionals with property investor and property developer clients, as well as business and agricultural clients with land interests.
Mark Chapman is the author of Life and Taxes: A Look At Life Through Tax and has recently edited and updated the second edition of Australian Practical Tax Examples, published in September 2019, both published by Wolters Kluwer CCH Australia.
He has over 25 years experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
Since 2015, Mark has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director.
You will be provided with:
• PowerPoint presentation slide deck
• Supporting documentation
• Webinar Recording to view multiple times for up to 6 months
• Q&A Session and the presenters contact details for follow up