Government legislates around Frontlink
The Property Council does not support the expansion of the Growth Areas Infrastructure Contribution (GAIC) to land given to the State Government for infrastructure.
“The industry has already paid $176,010,655 in GAIC and only 4.3 per cent was spent last financial year”, said Sally Capp, Executive Director for the Property Council in Victoria, “why does Government need more GAIC funds?”
“Government is reneging on a carefully negotiated compromise with the property industry that will materially alter the tax base.
“To expect industry to pay an infrastructure levy and then hand over the land for which they paid that levy goes a step too far.
“When the GAIC was introduced, Government promised that it would not be levied on land intended for State infrastructure,” said Ms Capp.
“We encourage Government to consider the significant impost extending this tax will have on Victoria’s biggest industry.”
Media contact: Sally Capp | M 0439 983 963 | E [email protected]