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The increase is intended to reflect the increased cost to the BCC of acquiring land for park and recreational purposes, but the Property Council notes that this figure should be considered in the light of the BCC’s recent Budget documents that identified inflation rates as 2.9 per cent and unimproved valuations across the City as increasing an average of 13.18 per cent.

Find Property Conveyancing has Colin Bunker, Manager Infrastructure Projects and Land Management, Department of State Development, explained the Department’s role in ensuring there was sufficient industrial land to support future economic development and provided specific examples of where the Department had purchased land to guide industrial development in an area.

Long-term planning of future industrial areas was required, according to Mr Bunker, so that areas could be earmarked for future development. Mr Bunker explained that strategic sites and corridors for future major industrial development had been identified by the Department at Charlton in the Toowoomba region, .Yarwun and Aldoga near Gladstone, Stanwell-Gracemere, Paget in Mackay, Stuart in Townsville, Edmonton and Mareeba outside Cairns, and North Ridge in Mt Isa.

Peter Cumming, Manager City Planning, Brisbane City Council, addressed industry growth in its wider sense and acknowledged the new types of industries and their different requirements, including the potential for greater mixed use development opportunities.

In a move towards infotronics and a greater combination of industry and business, there are observed trends towards niche locations that are developer led in employment environments.

In considering changed rates of take-up of industrial land, Mr. Cumming focused on the importance of the whole package, including the provision and costing of infrastructure.

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Queensland division executive director Robert Walker said that the Department had inexplicably altered its 50-year-old valuation method, utilized selectively on some centers, leading to rises in unimproved values of up to 650 per cent.

This decision by DNR will plunge the Queensland property market into meltdown mode,” he said. “Tens of thousands of ordinary Queenslanders whose superannuation is invested in the Queensland property market will have their retirement funds slashed as a result of this decision for Right property Conveyancing.

Not only that, but 2,000 retail jobs and hundreds of small businesses are under serious threat. The change in valuation method has increased the land tax liability on shopping centre owners by over $17 million per year and has increased the rates liability for retailers by over $16 million.

But the real losers are superannuates and small business. There is no doubting that this will cause job losses and small business closures.

Mr. Walker added that the DNR had utilized a provision in the Land Valuations Act that has sat dormant for the past 50 years and which was originally inserted into the Act as a method of valuing rural properties.

In addition to the devaluing of superannuation, in addition to the job losses, in addition to the small business closures, hundreds of millions of dollars worth of development will be shelved and hundreds of millions of dollars of investment funds will be withdrawn from Queensland.

He said. I think you would also.Now that DNR have proceeded along this path, the valuation of other sectors will come under close scrutiny, particularly the residential sector.

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If this flows onto the residential market, every household could potentially be paying increased rates of 300 per cent and the mum and dad investors or self funded retirees will be slugged with huge land tax and rates bills.

Property conveyancing conveyancers Melbourne are Mr. Walker added that the industry would not take the decision lying down and vowed to fight the Government and exhaust all of its legal remedies. There is too much at stake here, too many Queenslanders will be affected by this and as an industry body we are entrusted to protect their investments. The Government is in for a long and very expensive battle.

The Government has kept its promise to the property industry and not raised stamp duty rates in this budget, Not only have they not increased property-related taxes, they have increased capital works expenditure, which is vital to the State if it is to grow with its rapidly increasing population.

Our current infrastructure is not coping with the State’s present population. With the Government’s announcement today that they will be investing $5.3 billion – an increase of almost half a billion dollars from the previous 12 months – Queensland will be on its way to providing the hard infrastructure needed to service its community.

 Mr. Walker congratulated the State Government on its continued drive in recognizing the role that public private partnerships maintained in providing major infrastructure throughout the State.

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We commend the Government for recognizing the vital role that property has in the development of Queensland,” he said. We encourage Government to undertake a comprehensive review of state taxes, with a view to reducing redundant state taxes, such as stamp duty and land tax, particularly in light of GST positive revenue expected in the coming years.

Settling a property currently the Government is analyzing five major infrastructure projects and, if they proceed, will generate $1.5 billion worth of investment he said.
The new Lord Mayor’s inaugural budget handed down today has received the property industry’s approval, delivering below inflation rate increases and highlighting the need for more Council infrastructure spending.

Property Council of Australia executive director Robert Walker commended Lord Mayor Tim Quinn on his first budget, saying that it was “very encouraging” that the Brisbane City Council had acknowledged the need for greater infrastructure spending in Brisbane and also for allocating almost a quarter of its entire budget to transport and traffic.

The Council’s commitment of almost a quarter of its entire budget to transport is a clear recognition of the desperate need to address one of the most significant issues facing Brisbane in the next ten years,” Mr. Walker said. However, whilst the Property Council congratulates Cr Quinn on the continued funding for the North-South Bypass tunnel and the development of the Green Bridge, still more needs to be done to improve the flow of commuters in and out of the CBD to safeguard the economic health of this city.

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Mr. Walker said he welcomed the Council’s acknowledgement of the city’s poor infrastructure and the $252 million allocated to improving it in the next year. The Property Council has long been advocating the need for increased spending in infrastructure in the Brisbane CBD and fringe,” Mr. Walker said.

We are pleased that Council has finally acknowledged the suffering infrastructure in this city and are encouraged by Lord Mayor Quinn’s commitment to improving its standard.

However, the $252 million Council has allocated in this budget to infrastructure is just a starting point. We need a greater commitment to raise Brisbane’s infrastructure to an acceptable standard.

Mr Walker also said that despite soaring valuations, Cr Quinn only increased the valuation for commercial purposes outside the CBD by 2.68 per cent around the current inflation rate.

 This budget result is very encouraging and we are pleased the Cr Quinn has made infrastructure and transport a priority for Brisbane. We look forward to working with him for a viable prosperous economic outcome for this city. like E Conveyancing Agency Adelaide .

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Property Council are also pleased that the State Opposition, which had introduced legislation of its own, intends to support the Government’s legislative solution. The Property Council wishes to acknowledge the positive role that the Law Institute of Victoria played in fixing the problem, and also the constructive contribution made by the Australian Retailers Association of Victoria.

 

 

It is sensible politics to have both Government and Opposition acting in the best interests of business, said Mr Rankin.Property Council is pleased that the Government has acted on the matter. The VCAT decision has been the cause of some considerable concern in the retail sector.

The Executive Director of the Property Council, Mr Jock Rankin has today welcomed the State Government’s legislative solution to uncertainty over retail tenancies caused by a decision of VCAT earlier this year in what is known as the Khodr case.

If after examination the legislation proves to be sound, there would seem to be no justification for extending further protection to retailers on the expiry of a lease.

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During September and October 1999, the Property Council of Australia surveyed its Victorian membership in relation to the preparedness of businesses for GST. This report summaries the results of the survey and comments on the main issues.

This is of particular concern when it is considered that only two of the responders had specifically appointed someone to oversee the GST implementation. All other responders had simply added responsibility for GST to the role of the financial controller or similar role within the organization.

In one instance, the responsibility for GST was assumed by the managing director. This is of concern as it will be an additional burden for those people and runs the risk that there will not be sufficient time available to devote to the broad ranging issues that will arise from GST on top of the day to day requirements of those roles.

Of further concern is that of those organizations that intend to establish a GST task force, 30% of them had not yet done so. 16% indicated that they would not even be establishing a GST task force, placing an additional burden on the person nominated as being responsible for GST.

Consistent with the general message being delivered in relation to GST implementation, none of the respondees had appointed specific general taxation personnel to the role of co-ordinating GST implementation by Best property conveyancing in Melbourne .

 

Only 16% of respondees thought that they would be recruiting additional staff to deal with the GST.Only 19% of respondees had operations in a country where GST or VAT currently operates.

However, those organisations that had operations in countries where a GST or VAT currently operated had made enquiries of those operations in relation to GST. Half had actually visited those countries.

Interestingly, 16% of respondees had not sought advice from external consultants on GST issues and 6% indicated that they did not anticipate doing so.

Responses indicated that the issue of GST in contracts had generally been addressed.Over 80% have reviewed standard contracts and contracts spanning the GST start date for GST issues.

Also, over 80% had developed a standardised approach to addressing GST in new contracts and established a process for review of contracts for GST issues.

It appears that while the issue of passing on GST is addressed, other issues such as the requirement for a tax invoice or adjustment note and adjustments to price arising from overall indirect tax reform are addressed less than half the time.

While some of these issues are not absolutely critical, it is suggested that addressing these issues in the contract in a comprehensive fashion is beneficial and will avoid dispute later on.

All but one respondee indicated that they would be using a computerised system for GST compliance. 62% indicated they had already briefed relevant personnel in relation to system requirements on the transition to a GST and in relation to on-going GST compliance Tax depreciation .

However, 16% had not yet identified whether the existing systems would be able to address GST. There is some concern within the computer industry that there will not be sufficient staff within Australia to cope with the continuing Y2K needs as well as GST demands between now and 1 July 2000. Therefore, it is suggested that these system requirements need to be addressed as a matter of urgency.

Approximately one third to one half of responders had not considered the impact of GST on the production of financial reports and upon other tax calculations and return preparation.

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Where costs of transition of GST were included in the budget, the figures ranged from $2,000 to $24,000,000.Over half of the responders had not yet developed a strategy for dealing with customers or suppliers in relation to GST. Over half had not yet trained sales and purchasing staff on GST issues.

The CG&E’s residential gas customers Over 40% indicated that they had not yet determined the GST classification of the supplies that they made. There was one situation indicated where the classification was unknown.

There were a significant number of input taxed supplies identified by the responders. This is interesting when the nature of the responders, as indicated above, is considered, as they would not obviously be considered to be financial service organizations (the main area of input taxed supplies). Over 40% indicated that they did not know whether they would be making financial supplies for GST purposes.

Over 75% of respondees indicated they didn’t know whether they would adopt the margin scheme or did not respond to the question. Over a third of respondees had not yet considered the impact on prices of the introduction of GST and associated tax reforms.