Draft legislation to disallow certain deductions in relation to vacant land – unless used in carrying on a business or incurred by a company etc (unintended consequences for ‘residential premises?)
On Monday 15.10. 2018, Treasury released draft legislation to give effect to its 2018-19 Federal Budget measure to disallow deductions for expenses associated with holding vacant land, except in specified circumstances. Treasury’s explanation for the measure is [para 1.6 of the Draft EM] is: 1.6 As the land is vacant, there is often limited evidence…