State Taxation Acts Amendment Bill update

State Taxation Acts Amendment Bill updateThe Property Council has approached the State Government on issues leading to ongoing certainty around the new international investor taxes which came into effect on 1 July.Our concerns stem from a number of issues around:The SRO’s assessment of sub-sale transactions, where they apply to nominations of foreign purchasers;The absence of SRO guidance on the application process for exemption from the stamp duty and land tax surcharges; The absence of SRO guidance on whether developers can make a once-off application for an ongoing exemption; and,The SRO’s requirement that the new purchaser statement form (Form 62) must be completed for all contracts, transactions, agreements and arrangements entered into on or after 1 July 2015. This is regardless of whether there is a foreign purchaser and irrespective of the type of property being acquired.These concerns have been raised with the Treasurer’s office for urgent resolution.The Property Council will provide members with an update on the progress of these discussions.