I was hoping to purchase vacant land off a private seller for the purpose to build in the medium term (2 to 3 years). It is currently being used for storage by a neighbour of the vacant land.
I was wondering if I set a formal lease to continue storage with the neighbour AND I declare this income AND given it will be an "arms length" transaction from me personally - does this mean the land can be used for investment purposes (and therefore deductions) in the interim year(s) till I begin building?
I think this satisfies the criteria as per the ATO website but I wanted to confirm my understanding
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