The controversial Land Tax (Miscellaneous) Amendment Bill 2019 (SA) (Bill) has passed both houses of Parliament and is presently awaiting Royal Assent. After obtaining Royal Assent, the amendments to the Land Tax Act 1936 (SA) (Act) will come into force and effect on 30 June 2020.
Piper Alderman have assisted Sundrop Farms with corporate, commercial and property advice on their early operations, and most recently on a significant 20 hectare glasshouse expansion project, underpinned by a 10 year produce offtake agreement with Coles and private equity funding from global investment firm KKR.
The effect of the changes is to clarify witnessing and electronic signatures of individuals on the National Mortgage Form (NSW and SA)
The South Australian Government has defiantly issued its Land Tax (Miscellaneous) Amendment Bill 2019 (Bill) for consultation manifesting a clear intent on the part of the Government to shut what some members of the Government have labelled “loopholes”, alter the way land tax is aggregated and introduce new bases for taxing certain types of trusts.
The Marshall Government has recently proposed a number of significant changes to the legislation which regulates the retail and commercial property sector in South Australia.
The Marshall Liberal Government in South Australia (State Government) announced as part of its 2019/20 budget measures to change the aggregation principles in the Land Tax Act 1936 (SA) (Act). These budget measures have been the subject of significant political discourse and discontent amongst the investment and development community. Adam Rinaldi, Partner, advises as to the proposed scope of the budget measures and its prospective impact on investors and developers in South Australia.
A recent report by Landcom ‘Build-to-Rent in Australia: Product feasibility and potential affordable housing contribution’ (July 2019) looks at the feasibility of build-to-rent (BtR) developments in light of current market conditions and policy settings. Recent changes to tax treatment of income from Managed Investment Trusts (MIT) is likely to have a significant impact for foreign investors.