Page 16 - Danni Hunter News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Victoria’s build to rent investment at risk: Greystar Save Share US build-to-rent investor Greystar has warned that land tax increases in Victoria’s budget undo last year’s halving of the tax rate and could drive more than a quarter of its planned $4 billion pipeline north to NSW. Greystar, which earlier this year raised $1.3 billion for a build-to-rent (BTR) fund – the country’s largest to date – that could eventually house more than 5000 dwellings, said the higher land taxes and stamp duty, worth an estimated $473 million next year alone, slashed the viability...

Real estate tax is easy pickings for lazy politicians Property: it’s an easy target for increased taxation at a time when governments face insatiable demand for services but slower growth in the traditional tax bases. Share One of the curious aspects of the Victorian government’s latest property tax proposals is the amount of money Treasurer Tim Pallas estimates the new windfall gains tax will actually raise. The estimation – $40 million a year, according to the government’s release – seems low for a tax that aims to reclaim half of the valuation upside from most major rezonings. Ow...

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 quan...

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 val...

Property hit by $2.7b tax austerity plan in Victoria May 16, 2021 – 11.00pm Save Share The property sector is locked in last-minute crisis talks with key Victorian cross-benchers in an effort to block or revise a $2.7 billion property tax slug to be unveiled in Thursday’s state budget. Economists have blasted the Andrews government for doubling down on stamp duty, the country’s worst tax, even after the NSW and Victorian treasurers agreed last year to look at ways to scrap the levy to help tackle the housing affordability crisis. Homebuyers Jess and Andrew Johnson will be impac...