FOREIGN LAND TAX SURCHARGE BREAKFAST FORUM

A team of expert panellists dissected the impact of the Queensland foreign land tax surcharge at a sold-out breakfast at Gadens.

John Nicolas, Partner – Gadens and Stafford Hopewell, Partner – Gadens presented the keynote address during which they evaluated the current status of the surcharge and its implications for the property industry.  

Mr Nicolas presented the critical details of the new surcharge and how, in its current form, it diminishes Queensland’s competitive advantage in attracting foreign investment. The final composition of proposed Ex Gratia relief guidelines would have significant bearing on the impact of the surcharge on Queensland.

Mr Hopewell examined the impact of statutory valuations on land tax bills and how valuations in 2018 had increased current land tax liabilities. He advised attendees to be proactive in noting objections in future to ensure valuations were accurate.

The two keynote speakers were then joined by Sian Sinclair, Global Head of Real Estate & Construction – Grant Thornton and Queensland Division Council Member, and Tristan Gasiewski, Senior Director – CBRE.

Ms Sinclair analysed the new tax changes from a foreign investment perspective, highlighting that the impact of the new surcharge is dependent on finalised exemption guidelines. The initial implementation of the exemption framework would help define the application of the exemption criteria into the future.

Mr Gasiewski spoke about how tax surcharges had the potential to skew the playing field between commercial office buildings with certain buildings being taxed at far higher rates than their counterparts.

The Property Council would like to thank all speakers and attendees for participating in the event.

Special thanks to Gadens for hosting the event.

To view photos from the Property Council’s Foreign Land Tax Surcharge Breakfast Forum, please visit the Property Council’s Facebook page here.