The Treasury has announced that land tax is to be cut in half for Build-to-Rent developments that include affordable housing.
Delivering on an outcome of the Queensland Housing Summit, the Treasury said in a statement that the Build-to-Rent sector was growing and with planned concessions, a greater number of projects would include affordable housing.
“Development that includes at least 10 per cent of rental homes as affordable housing will attract a 50 per cent discount on land tax payable for up to 20 years,” the Treasury said
Other concessions included a full exemption from the two per cent foreign investor land tax surcharge for up to 20 years, and a full exemption from the Additional Foreign Acquirer Duty for the future transfer of a Build-to-Rent site.
“Queensland Treasury will consult with the property industry on the land tax concessions ahead of the proposed 1 July commencement to ensure they can support the delivery of more homes for Queenslanders,” the Treasury said.
Treasurer, Cameron Dick said the private construction sector was at capacity across Australia.
“The Government is working with industry to identify innovative ideas that create new pipelines of housing supply and the Build-to-Rent projects we’ve already brought to Queensland are boosting rental supply,” Mr Dick said.
