- Government announced tax measures for housing affordability
- Measures include GST exemption for new rental housing and student residences
- Other measures include Underused Housing Tax Act, denied deductions for non-compliant rental housing, and First-Time Home Savings Account
- Budget 2024 increases tax depreciation rate for newly constructed residential rental buildings from 4% to 10%
- Enhanced capital cost allowance rate applies to buildings constructed between 16 April 2024 and 1 January 2031
- Exemption proposed for deductibility of interest and financing expenses for such projects
- Consultation planned for potential new tax on residentially zoned vacant land
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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