All Topics / Help Needed! / Tax deductions on land only investment??

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  • Profile photo of The ContrarianThe Contrarian
    Member
    @the-contrarian
    Join Date: 2005
    Post Count: 97
    October 6, 2007 - 11:00 am

    Hi guys…

    My brother recently purchased 924sqm in a regional area of NSW.
    He is looking to have plans drawn and try to flip for a subdivision
    (as the min. block size is around 400sqm with local council)

    Does anyone know if the INTEREST repayments can be deducted from his PAYABLE TAX before building.

    The block costs $210K… so interest repayments are about $1200 p/m.

    Any advice would be much appreciated.

    Thanks and regards,
    Anthony.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 7, 2007 - 2:07 am

    Yes it is possible to claim interest on vacant land with a few conditions. Ask you accountant to look at Steele's case for justification.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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