The Property Council welcomes today's announcement by Queensland Premier Anna Bligh that her Government will introduce legislation to facilitate "top hat" restructures for stapled property groups.
The legislation will deliver stamp duty relief for restructures where a new single new entity is put on top of an existing stapled company and trust - "top hatting".
"The Queensland reform completes the Australia wide relief process," said Roberto Fitzgerald, the Property Council's Executive Director International and Capital Markets.
The Property Council has already successfully negotiated similar reforms at Federal level and in ACT, New South Wales, Northern Territory, SA, Victoria, and Western Australia.
"These reforms enable stapled Australian property trusts to reduce compliance costs and compete internationally for assets and capital," Mr Fitzgerald said.
"This initiative will add to the push to secure Australia as a regional financial services centre."
Top hatting allows stapled Australian property trusts to gain maximum roll over relief in US transactions, instead of the relief being restricted to either the trust or company component of the stapled group.
Restructured groups should also reap significant cost savings from streamlined accounting and auditing costs for the single head entity.
"This latest reform will boost Queensland's status as a property investment destination, and assist in retaining capital within the state," said Steve Greenwood, executive director of the Property Council's Queensland Division.
"Today's announcement is more evidence that the Government is listening and acting on real reform priorities."
For further information:
Roberto Fitzgerald, Executive Director International & Capital Markets - 0411 549 248
Steve Greenwood, Executive Director Queensland Division - 0488 721 156
