hey guys! i have a vacant block of land and am putting up a billboard to rent out to local businesses now the problem is i dont know if i can class it as an investment property and claim tax deductions for it like that including depreciation and rental income? i did some reading and it says vacant land isnt an investment but if i have an income isnt that classed as one? also does anyone know if i need council aproval? thank you
I am not sure if you can claim the whole land as a deduction as the bill board would be on a small part of the land where as —-
Maybe you could also have some form of animal agistment on the land.
Depending on Zoning of land and council regulations.What can you depreciate with vacant land ?
Maybe the fences thats about it !there is an article on this in the latest API (well, i think its the latest one – i just read it the other day). the whole article is about billbords. might be worth grabbing a copy from the newsagency.
Vacant land can be an investment – even without the bill board. You should be able to claim all associated costs with the land if you intend to build an investment property on it, for example.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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