He’s claiming uncertainty and confusion after the Greens amended the legislation at the last minute. But despite that he’s put together a rather spiffy graph:
When the remission rate is scaled back to 25 per cent, the tax per unit will be;
This tax will have a significant impact on the industry and put a great deal of pressure on housing affordability and Canberrans looking to rent a home.
We have already seen a rush of development applications come in to try and beat the changes – 113 development applications were lodged to ACTPLA in June this year compared to 31 in 2010. This is not producing certainty for industry nor the steady roll-out of supply.
This massive tax also goes completely against the policy of increasing density in our town centres, and encouraging greater scope for public transport as the taxes rise as you get closer to these major town centres.