The Property Council of Australia welcomes the ACT Government’s landholder stamp duty reforms, which will boost property investment across the Territory.
The Duties (Landholder) Amendment Bill 2012 passed the ACT Parliament on 7 June 2012 and will level the investment playing field for companies and unit trusts by equalising the landholder threshold at 50%.
Property Council Executive Director of International & Capital Markets, Andrew Mihno, said: “The ACT government’s new rules will strip away critical barriers to investment for property investors.”
Property Council ACT Executive Director, Catherine Carter, said: “The industry applauds the ACT Government’s policy initiative and decisive action”.
“This will give unit trust investors the ability to increase their portfolio investment in ACT property by 30%.”
Mr Mihno added: “The ACT government’s simple and intelligent approach has solved a raft of problems that were holding back investment.”
“We are aware of property investments worth hundreds of millions of dollars that are now going ahead as a direct result of this measure.”
The new landholder rules will allow unit trusts to invest on a level playing field with companies and stop double duty being unfairly charged to investors in wholesale trusts.
Ms Carter said: “This is a striking example of government and industry working together to boost prosperity in the ACT.”
For more information, contact:
Andrew Mihno - Executive Director, International & Capital Markets
Ph: 0406 454 549
Catherine Carter - Executive Director, ACT Division
Ph: 0412 330 602
Elaine Abery - Senior Policy Manager, Tax & Capital Markets
Ph: 02 9033 1929