LNP ANNOUNCE LAND TAX DISCOUNT FOR BUILD-TO-RENT
The Queensland LNP has announced it will implement a 75 per cent land tax discount for eligible Build-to-Rent projects if elected at the State election. The LNP has also committed to providing foreign investor tax exemptions for eligible projects.
Both initiatives aim to entice much-needed private investment to Queensland and create thousands of construction jobs to support Queensland’s recovery from COVID-19.The Property Council supports the Opposition’s announcement which if implemented will stimulate and attract critical large scale private investment into Queensland.
The Property Council has issued a media statement welcoming the announcement.
“We are delighted the LNP has committed to exceed the NSW Government’s Build-to-Rent land tax incentives, which will make Queensland the most competitive jurisdiction in Australia for new projects,” said Queensland Property Council Executive Director Chris Mountford.
Build-to-Rent also has the potential to stimulate thousands of jobs and support Queensland’s residential construction industry as it recovers from COVID-19.
“Investment in housing is one of the most powerful and important job keepers and job multipliers in the economy. With global competition for investment more fierce than ever, Queensland must make bold policy decisions to ensure we are able to compete with other jurisdictions,” said Mr Mountford.
In the lead up to the State election, the Property Council will be evaluating how the election commitments of each party will benefit and unlock growth in Queensland’s property industry.
To read more about the Property Council’s 2020 election platform, please click here.
To find out more about the LNP's announcement, please click here.