Welcome to our March 2020 edition of the StewartBrown newsletter. We hope to keep you informed of the important tax developments and issues affecting taxpayers and businesses in Australia today. LIMITING TAX DEDUCTIONS FOR VACANT LAND In the 2018–19 Federal Budget the Government announced that it would limit deductions for expenses associated with holding vacant land. Provisions to give effect to these changes are contained in Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Act 2019 which received royal assent on 28 October 2019. The changes apply to limit the tax deductions that can be claimed for holding vacant land incurred on or after 1 July 2019, even if the land was held before that date.