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    1. Home
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    3. 2015
    4. A message from our Global Head of Real Estate & Construction

    A message from our Global Head of Real estate & construction

    24 Sep 2015

    2015

    • Transitioning support for auto supply chain companies
    • Innovation in Australia
    • New FBT entertainment cap introduced
    • New reporting obligations for multinational companies
    • Unlocking super
    • The truth behind business failure
    • 2015 Distinguished Family Business of the Year
    • Melbourne plan refresh: The 2050 metropolitan planning strategy
    • Tax alert: GST & remote housing accommodation
    • The Federal Government's Tax discussion paper released today
    • New fees hurt developers’ bottom line
    • Payroll Tax Rebate – Action before 23 November 2015
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    • Victoria Real estate & construction update
    • South Australia Real estate & construction update
    • Queensland Real estate & construction update
    • New South Wales Real estate & construction update
    • State revenue offices and the ATO information sharing
    • Redundant corporate entities?
    • Streamlined process for new business applications
    • Imported building materials under scrutiny
    • Tightened lending rules threaten industry growth
    • Any GST hike must be offset
    • New PM appoints Minister for Cities
    • Reforming Australia’s Federation and Tax System
    • A message from our Global Head of Real Estate & Construction
    • Adelaide CBD property outlook – Key considerations
    • The deadline is looming for the Exploration Development Incentive
    • Valuing Employee Share Schemes (ESS) – Impending Tax Changes
    • Queensland State Budget 2015-16
    • New restrictions on entertainment salary packaging
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    • Do you have the keys to NADA 2015? Day 1
    • South Australian State Budget 2015-16
    • 27 Pay Periods in 2015/16
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    • Fringe Benefits – Hidden FBT and deemed dividend issues
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    • Encouraging innovation in Australia’s Life Sciences and Biotechnology industries
    • Fraud in focus: Fraud and corruption in Banking and Financial Services
    • Tax alert: Refunds of excess GST
    • New Employee Share Scheme Bill Introduced
    • SuperStream employer webinars
    • Staying vigilant against fraud
    • Tax Alert: Are you meeting your employment tax obligations?
    • Tax alert: No change to R&D tax offset rates
    • Act now to be ready for FATCA
    • Tax alert: Changes to Employee Share Scheme Tax Laws

    Another year, another PM. That’s five in five years, so one could be forgiven for thinking that Australia is governed by the opinion polls!

    The changes made to the top job last week are still in the honeymoon period with Malcolm Turnbull’s popularity soaring after announcing his new cabinet this week. We welcome the appointment of Jamie Briggs as the first Minister for Cities and Built Environment, which in itself is a declaration of the importance placed on urban planning by the Prime Minister. Let’s just cross our fingers that the changes in Canberra don’t mean a setback in the Tax Reform process that is underway.

    Since July we have seen a slight slump in business confidence following concerns about the ongoing slowdown and market turbulence in China. While, some observers believe the property cycle has peaked in some markets, recent ABS data indicates overall building approvals have climbed once again with July showing a 4.2% increase on the prior month. The positive increase provides some reassurance for the ongoing supply of vital new housing to improve affordability.

    Residential affordability continues to be topical, with property prices rising faster than incomes and causing a huge transfer in wealth from younger to older generations. It remains to be seen how the intergenerational transfer of this wealth will play out and the impact on the nation and the housing market moving forward.

    The low interest rate environment and falling Australian dollar looks to be helping the economy through a period of transition from mining sector led growth, however more investment in new infrastructure assets will be critical to enable sustainable expansion of the economy. Investment in better infrastructure, specifically transport, will help open up the supply of well positioned land and assist housing affordability.

    As he settles into the job and undertakes a review of policies, we need our new Prime Minister to put the focus back on the national tax reform process and review of the Federation Model. Whether it's through our new Minister for Cities or otherwise, the industry needs to voice its concerns and make property taxes and their impact on housing, investment and development activity at the forefront of the reform agenda.

    Next article: Reforming Australia’s Federation and Tax System

    For more information, please contact:

    Cameron Crichton
    Cameron Crichton
    Partner Brisbane
    Email address https://www.linkedin.com/in/cameroncrichtongt/ Cameron Crichton VCard
    View full profile
    Sian Sinclair
    Sian Sinclair
    Partner & National Head of Real Estate &... Brisbane
    Email address https://au.linkedin.com/pub/sian-sinclair/14/9b0/9b5 Sian Sinclair VCard
    View full profile

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