Overseas property developers get help from the New South Wales government
2017-11-24
Foreign-owned building corporations based in Australia have been afforded a tax cut by the NSW government.
Laws which allow foreign-owned big builders based in Australia to claim exemptions from surcharges on the sale of new homes passed parliament on Wednesday afternoon.
NSW Treasurer Dominic Perrottet previously said the exemptions would be an incentive for big developers to continue doing business in NSW.
Treasurer Dominic Perrottet. Photo: Jessica Hromas
However, Labor says the government has bent to pressure from the property industry.
Greens MLC Justin Field said the government was favouring the vested interests of developers over housing affordability.
“This Government needs to listen to the people across the state looking to put a roof over their families’ head, rather than cave into the demands of the building industry lobby,” Mr Field said in a statement.
The State Revenue Legislation Amendment (Surcharge) Bill 2017 also extended the period of time that developers have to complete a project from five years to ten years.
The government argued that this would allow developers a more realistic amount of time to obtain necessary planning approvals, whereas the opposition argued that it may encourage land banking.
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