Bright-line Test and Deductibility of Property Costs

Question

 If a property is being sold and is subject to tax under the bright-line test, are all the holding costs since the property was purchased deductible?

For example, a section has been purchased in order to build a holiday home. Due to circumstances the build is not now going ahead and the land is being sold.

Are rates paid back to the time of the initial purchase deductible on sale?

Answer

 If a property is being sold and is subject to tax under the bright- line test, all the holding costs since the property was purchased will be deductible.