Pitcher Partners congratulates the Victorian Government on their initiative to support the building and development industry, through the establishment of the Building Victoria’s Recovery Taskforce. Pitcher Partners looks forward to adding our voice to the Taskforce’s considerations through the representation of our middle market/private, property industry constituency. The property development, building and construction sectors of […]
The Victorian, New South Wales and Queensland governments have each announced land tax relief measures for eligible landlords impacted by COVID-19.
The New South Wales Government is cracking down on land tax compliance. Revenue NSW has offered an amnesty period for land owners to voluntarily disclose any non-compliance without incurring an additional penalty on top of their outstanding land tax liability.
The Victorian Government has introduced changes to Land Tax Act 2005 (LTA) in the State Taxation Acts Further Amendment Bill 2019 which amends the primary production land (PPL) exemption in section 67 of the LTA.
The State Taxation Acts Amendment Bill 2019 was introduced into the Victorian Parliament yesterday afternoon. The Bill contains a major change to the ‘economic entitlement’ provisions of the Victorian Duties Act 2000 that will have a significant and adverse impact on many property developers and the property market more generally.
The Victorian Government has targeted foreign property owners once again, by announcing it will increase the Foreign Purchaser Additional Duty from 7% to 8% and the Absentee Owner Surcharge from 1.5% to 2%.
Declining property values have impacted Government finances, driving them to look elsewhere for revenue. With no changes to land tax rates in sight, it is expected that an increasing number of land owners will be brought into the land tax net to make up for declining stamp duty revenue, particularly once property values recover.
The Victorian Labor Government has released its budget for the 2019-2020 year. One of the changes the Treasurer announced in the budget was in respect of the land tax principal place of residence exemption.
Stricter lending standards, regulatory pressures and changing consumer sentiment have dampened the property sector over the last few years. As the property sector has softened, buyers have become more discerning around the purchase of property, especially apartments, with some buyers delaying settlements. This is causing significant cash flow challenges to developers and others in the property sector.
The legislation to introduce the purchaser GST withholding regime for supplies of new residential property has been introduced into Parliament. Once enacted, the changes will come into effect from 1 July 2018.
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