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There is a lot of noise in the property sector at the moment – prices are down, financing hurdles are higher and tax policies impacting property could change.
From 1 January 2019, Queensland’s building industry participants are again required to lodge their annual audited accounts with the Queensland Building and Construction Commission (QBCC), demonstrating compliance with the QBCC’s Minimum Financial Requirements in order to maintain their building licence.
Foreign investors have been an easy target for politicians of late. It makes sense – they don’t get a vote and they don’t have a collective voice to defend themselves.
A conversation with Mr Peng Hong Wong, Executive Director of Victorian Investments & Properties Pty Ltd (VIP), developer of Melbourne’s fastest selling new development: Woodlea.
Those looking to apply an outputs-based method to recover input tax credits will have kept a keen eye on the outcome of RSPG v Commissioner of Taxation [2016] AATA 687 concerning the recovery of input tax credits from the construction of a retirement village.
When purchasing real property after 1 July 2016, it is presumed that the vendor is a non-resident and the purchaser will be obliged to withhold 10% of the proceeds, register for withholding tax (WHT) and pay it to the Australian Taxation Office (ATO) unless a clearance certificate has been obtained prior to settlement.
Last year saw heightened public awareness regarding fraud and corruption and its impact on the Australian property market. The most significant risk was, and remains, the investment of foreign proceeds of crime in Australian property.
The sharing of information between the Australian Taxation Office and various other government agencies continues to form the foundation for data matching and compliance programs.
Tighter regulation on imported building materials is under construction following an apartment fire in Melbourne’s Docklands.
Combining reason and instinct to reveal new opportunities for growth: Soft power and gut instinct is driving an estimated US$250bn per year in overseas real estate investment, showing that feeling rather than data analysis determines many investment decisions. Drawing on interviews with investors, industry experts and Grant Thornton real estate specialists this report provides practical, achievable actions for investors looking to harness the forces shaping global real estate activity.