cgt question, page-4

hello jak, old mate.

from the ATO

"For land treated as a capital asset, you generally can't claim income tax deductions for expenses associated with owning it - such as interest on an investment loan - because the land doesn't generate income. You can add these expenses to the capital cost of the land for the purposes of working out any capital gain or capital loss when you sell it."

http://www.ato.gov.au/General/Property/Vacant-land/

sack your accountant:)