Can i claim deductions on vacant land (under construction)

Discussion in 'Investment Strategy' started by mehrar_84, 10th Apr, 2019.

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  1. mehrar_84

    mehrar_84 Well-Known Member

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    Melbourne
    Hi all,

    Just wondering if one can claim deductions on land which is under construction?

    Plan is to show that land was rented to someone for storage purpose while construction was in progress?

    Cheers
    Shifty
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Potentially can depending on circumstances but laws will potentially change after 1 july
     
  3. Beano

    Beano Well-Known Member

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    I can imagine so
    The land you own (lessor) is being rented ...who cares whether the tenant(lessee) is using it for storage before he builds his building.
     
  4. Redwing

    Redwing Well-Known Member

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    I thought yes if intention to build income producing rental, this seems to be beyond plans also, its in construction phase

    You intend it being an investment property shifty?
     
  5. mehrar_84

    mehrar_84 Well-Known Member

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    yes, will be investment property after construction is complete.