Innovative ideas to claim land costs on tax.

[ptony1948]

Hello to all of you creative people out there.

I have a block of land that was purchased with a property loan but don't have the capacity to put a rental house on there for some time.(2-3 years). I'm trying to come up with a solution that's simple, inexpensive and will allow me to write off interest and costs with the tax dept in the meantime. eg do something with block that gets some kind of income. It's only 1000m2 in size.

Eagerly awaiting your ideas.

Tony.

 

[moyjos]

Rent it out.

1. Storage for boat, caravan, truck
2. market garden allotment
3. extra yard for the neighbouring properties.

Most of these require just a bit of fencing on your part.

Just my thoughts
Sue

 

[soyabean]

I believe as long as you bought the land with "the intention to build to rent for income " then you can claim tax back (says while you are designing & organising the building permit etc).
Check with your accountant.

 

[landlubber]

ptony, This matter has been well and truly covered in a legal case that took years and went right to the High Court.

You can google on "Steele's case" to get the full story.

Here's a link to the ATO web-site.

http://law.ato.gov.au/atolaw/view.htm?locid='AID/AID2001479'&PiT=99991231235958

LL

 

[ptony1948]

ptony, This matter has been well and truly covered in a legal case that took years and went right to the High Court.

You can google on "Steele's case" to get the full story.

Here's a link to the ATO web-site.

http://law.ato.gov.au/atolaw/view.htm?locid='AID/AID2001479'&PiT=99991231235958

LL

Thank you, thank you thankyou.. Tony