Why NSW Just Hit Developers With A $12b Tax
Thursday, 1 July 2021, 3:53 pm New South Wales will start taxing increases in property values caused by state spending on infrastructure, and rezoning of land uses by councils, The Urban Developer’s Ted Tabet reports. A new “infrastructure contributions system” will be rolled out as part of the annual NSW budget which will directly affect developers building transit or infrastructure-oriented projects in the most populated areas of the state. The reform, spearheaded by the NSW Productivity Commission, will alter the way taxes are charged on property developers in return for approvals ...
Source: scoop.co.nz