The Property Council is interviewing its committee chairs to share with the members the key activities of each policy area. This week we speak with the Chair of our Tax Reform Committee, Darren Bates.
What are the committee’s priorities for the next few months?
As we aim to make Victoria the best place to invest, manage and own affordable property, our current focus is on land tax. With the last reform occurring just under 10 years ago, Victoria’s land tax system is not conducive to encouraging investment, jobs and emerging asset classes such as ‘Build-to-Rent’.
We are also working on obtaining clarity on the Foreign Purchaser Additional Duty and Absentee Owner Surcharge. It is important these foreign investor surcharges operate as intended and do not disadvantage local tenants or property owners through increased rental outgoings or higher housing prices.
What do you think are the characteristics of a great committee member?
Being a great committee member certainly requires commitment and an ability to manage your time. However, the key to achieving results for the industry is to bring to the table not only your voice of the issues and potential solutions but those of your organisation and network which you have sought out.
What is the biggest tax issue in Victoria currently?
The biggest issue is the lack of consultation on tax changes before they announced. The Tax Committee and the Property Council do have a close working relationship with its stakeholders – but a lot of unnecessary work goes in after the announcement to provide industry feedback.
What does “success” mean to you in terms of your work as a Committee member?
Success is the outcome of a journey that has taken many years to achieve. Our tax committee comprises members that have just joined this year, those who would be eligible for long-service leave and others who have come and gone. Each person has played a key role in the standing and respect the Property Council and its Tax Committee have today.
What was your first role working in tax and what roles have you had since?
Back in the mid-1980’s, accounting firms – both large and small – often hired students straight from high school to work full-time and study their degree part-time, often in the evenings. That was me.
Whilst much of my career has been with professional services firms, my greatest opportunity and learning was working in the property/hospitality industry for eight years. The experience of being the client opened my eyes to a greater understanding of what it takes to be a successful professional adviser to clients.
If you weren’t working in tax, where could you see yourself working?
I like teaching. Whether it is with children through sports such as basketball, football or cricket or adults through their work, career and personal brand. I get a lot of satisfaction from watching those around me make improvements in their lives.