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New state land tax reform: who can enjoy half tax concessions?

Source: xkb.com.au
[Economic News]     29 Jul 2020
The new state's Gladys Berejiklian government has announced it will cut land taxes on "post-construction rental (build-to-rent)" new housing projects over the next 20 years to allow tenants to secure longer leases.
New state land tax reform: who can enjoy half tax concessions?

Developers of quot; post-construction rental "projects are exempt from 50 per cent land tax for 20 years. (Photo of Sydney Morning Herald)

The new state's Gladys Berejiklian government has announced it will cut land taxes on "post-construction rental (build-to-rent)" new housing projects over the next 20 years to allow tenants to secure longer leases.

The new state will levy a 50% reduction in land tax on developers who invest in "post-construction rental" projects. The aim is to provide tenants with better quality leased properties and long-term leases.

Financial Secretary Robert Perot (Dominic Perrottet) said the plan would give tenants more housing options and greater certainty, and boost construction and during the recovery period.

"The form of'built rental' is common overseas, but Australia is still in its infancy ," Perot said. We hope to remove obstacles and allow this segment to develop. Tenants will benefit from more choices because the focus will be on them, not just on homeowners. "

He stated that the post-construction rental development project was attractive to young people and young families. They are not ready to buy a house, but want to avoid frequent rental moving. "

It is reported that the metropolitan area's "after-construction rental" development projects must have at least 50 housing units, to be eligible for 50% of the land tax exemption. The thresholds for projects in remote areas vary.

The project must also start on or after 1 July and provide a specially constructed rental unit. These units must be managed by the same, single owner, offering options for longer leases.

At the same time, the new state will government provide "built-up rental" developers with additional tax exemptions for overseas investors and will include integrity measures to ensure that preferential tax policies are not used for tax avoidance.

A land tax relief bill was presented today to the parliament. of the new state

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