Federal Budget 2018: Property owners sitting on vacant land targeted in budget measures

Tax incentives the encourage land banking will be scrapped under a new measure announced in the federal budget.

Property owners leaving land sitting empty will be whacked under a new budget measure aimed at discouraging “land banking”. 

A cutback on tax incentives for vacant land was one of the few property-related measures in this year’s federal budget, released Tuesday night, and is set to add $50 million to the budget’s bottom line. 

Under the move, property owners will no longer be able to claim expenses such as council rates and maintenance costs for vacant land in their tax returns. 

 

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