Already a subscriber?A lack of clarity around lower taxes for foreign investors in build-to-rent housing – three months before rules announced last May are due to come into effect – is making potential funders sit on their hands, holding up development of much-needed housing, developers say.a $3 billion BTR platform
Certainty needed: Salta Properties’ Sam Tarascio on site in Fitzroy North, the first development of his company’s 4000-unit BTR pipeline.This was made clear on a recent trip to Singapore and Japan speaking to potential investors, Mr Tarascio told an Australian Property Developers Association event on Friday.
Treasurer Jim Chalmers announced a reduction of the 30 per cent withholding tax rate on managed investment trusts in BTR in May’s budget, but since then, has not published further details on how it would work, or whether the reduction would carry“The government announced detail of the policy in the budget and draft legislation will be released shortly,” a spokesman for Mr Chalmers said on Sunday.
“If you’re looking for affordability, you won’t find it in build-to-rent,” Mr Kutner told the APDA event.“Build-to-rent is predicated on achieving 5, 10, 15, 20 per cent above the market. And it has got some tax advantages which unfortunately build-to sell haven’t been able to achieve. And I’m not trying to take it away from build-to-rent.
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