Jen Williams appointed new Queensland Executive Director miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Developers Threaten to Stop Building Over New Victorian Land Taxes
A major Melbourne-based property developer is warning it will stop looking for new construction opportunities until the Victorian government releases the details of its plans to raise land and property taxes for the ninth time.
Sam Tarascio, managing director at one of Australia’s largest developers, Salta Properties, told The Australian that the company would put the assessment of future developments that involve rezoning on hold until they thoroughly understood the proposed tax.
“Until we see that detail, we cannot quantify the new costs associated with the tax,” Tarascio said, referring to the new windfall taxes where up to 50 percent of land value uplift as a result of rezoning will go to the government.
Melbourne is throwing city-wide events to drag workers back into the CBD, but Friday s foot traffic was 30% below pre-pandemic levels David Adams
The City of Melbourne has celebrated its first FOMO Friday , a series of activations and offers it hopes will draw workers back into the CBD.
The initiative comes in partnership with the Property Council of Australia, which has strongly pushed for workers to return to the office after a year of remote work.
Pedestrian traffic was down on average levels on Friday, Lord Mayor Sally Capp said, but she described turnout for the first of four activations as a pleasing result .
Victoria to Become the ‘Most Highly Taxed’ State in Australia: Property Council
The Victorian state government is planning to hit homeowners, homebuyers, and investors with additional taxes to tackle its debt in the 2021-22 state budget.
The Andrews Labor government said the budget would protect the state’s revenue base with $2.7 billion in austerity measures and a $3.6 billion program to reprioritise government spending.
These measures involve raising land tax on properties valued between $1.8 million to $3 million from 1.3 to 1.55 percent a 19 percent increase. Tax on properties valued over $3 million will be raised from 2.25 to 2.55 percent a 13 percent increase.
A new premium stamp duty rate will also be introduced to properties transactions that surpass $2 million. Homebuyers will be charged $110,000 plus 6.5 percent of value over $2 million.