Salta’s Sam Tarascio says tax uncertainty keeping build-to-rent investors away

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 90%

Property Property Headlines News

Property Property Latest News,Property Property Headlines

A lack of clarity about new rules for offshore investors is slowing the development of much-needed housing.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in PROPERTY

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Housing: Salta Properties, owned by the Rich Lister Tarascio family, fires up $3 billion build-to-rent programPlans to build and own large-scale rental housing by the Tarascios’ Salta Properties are coming to fruition just as the housing crisis bites.
Source: FinancialReview - 🏆 2. / 90 Read more »