Tax concessions to drive investment into affordable housing
Published Tuesday, 28 March, 2023 at 10:31 AM
Treasurer and Minister for Trade and Investment
The Honourable Cameron Dick
- Land tax will be cut in half for Build-to-Rent developments that include affordable housing
- Delivers action on a Queensland Housing Summit outcome
- Build-to-Rent sector is growing in Queensland and with these new concessions, a larger number of projects will include affordable housing
The Palaszczuk Government will slash land tax by up to 50 per cent for Build-to-Rent developments that feature at least 10 per cent of rental homes as affordable housing, driving more investment to deliver new rental supply.
The range of investment-attracting tax concessions for Build-to-Rent developments will include:
- A 50 per cent discount on land tax payable for up to 20 years
- A full exemption for the 2% foreign investor land tax surcharge for up to 20 years
- 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 proposed 1 July 2023 commencement, to ensure they can support the delivery of more homes for Queenslanders.
Quotes attributable to the Premier and Minister for the Olympic and Paralympic Games:
“My government is committed to delivering a fair go for renters.
“We know Build-to-Rent programs create more affordable housing in the areas where it is needed most.
“Driving new investment into social and affordable housing is key to ensuring we get more Queenslanders into the safe, secure homes."
Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:
“The private construction sector is at capacity across Australia.
Our government is working with industry to identify innovative ideas that create new pipelines of housing supply.
“The Build-to-Rent projects that we’ve already brought to Queensland are already boosting rental supply.
The land tax concessions will help unlock more investment into housing and build on three developments supported under the Palaszczuk Government’s Build-to-Rent Pilot Program.
Combined, these current developments in Newstead, Fortitude Valley and the Brisbane CBD will deliver more than 1,200 new dwellings, of which up to 490 rental homes will be provided at discounted rent thanks to a Palaszczuk Government subsidy.
The Palaszczuk Government also recently released a new invitation for Expressions of Interest under the $2 billion Housing Investment Fund on 9 February 2023.
This process is targeting proposals with ready-to-proceed social and affordable housing developments on privately owned sites, including affordable-only proposals.
More information on the Palaszczuk Government’s Housing Investment Fund Private Site Invitation is available at www.treasury.qld.gov.au/programs-and-policies/housing-investment-fund/, with Expressions of Interest due to close on 8 May 2023.
Media contact: Campbell Gellie 0433 987 744