I am aware that the tax dept allows you to claim interest payemnts from a loan for vacant land as a tax deduction against our personal income. However this is dependent on you having an “intention” to build on the land and subsequently renting out the house in the future. What I want to know is what constitutes an intention to build??
We purchased land with the intention of building and subsequently renting out. We started drawing up ideas of the sort of house we wanted to build. But as we were not intending to build for a while didn’t get as far as organising a draftsperson or a building permit etc. Does that still constitute an intention to build in the eyes of the ATO I wonder?
Pinny
You must be logged in to reply to this topic. If you don't have an account, you can register here.
