I have vacant land which I intend on renting to tiny house / caravan owners.
How much income do I need to receive from the land to be able to claim tax deductions?
Or, how frequently do I need to receive income from the land to be able to claim tax deductions?
The land would be available for rent almost immediately, but I can't be sure how often it will be occupied.
Thank you.
The question here should be: Is this venture a business or simply the renting of land?
Caravan parks are a commercial residential enterprise so this is a business. Expenses related to running that business are deductible regardless of how much income you earn.
Deductions can only be claimed off the income received. If you make a loss that loss may have to be deferred. See this link on the non-commercial loss rules.
The question here should be: Is this venture a business or simply the renting of land?
Caravan parks are a commercial residential enterprise so this is a business. Expenses related to running that business are deductible regardless of how much income you earn.
Deductions can only be claimed off the income received. If you make a loss that loss may have to be deferred. See this link on the non-commercial loss rules.
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