As a result of extensive industry pressure, the Bill was passed in October 2019 with some crucial and practical amendments.
These amendments were designed to afford relief to many of these unforeseen victims of the original vacant land provisions.
In particular, relief has been afforded to primary producers who provide vacant land under lease, hire or licence to another entity and the land does not contain residential premises, or residential premises are not being constructed on the land.
Additionally where vacant land is under lease, hire or licence to another entity (whether related or otherwise) as a result of a dealing at arm’s length, and it is in use, or available for use, in carrying on any business, the provisions will also not apply, as long as there is no residential premises, or residential premises are not being constructed on the land.
Finally, the Senate also passed a third new exception for structures affected by an exceptional circumstance that was beyond their (i.e., the taxpayer’s or related entity’s) control, such as a natural disaster.
Ref: Treasury Law Amendments (2019 Tax Integrity and Other Measures No.1) Bill 2019