SA extend tax concessions for off the plan apartment buyers

The South Australian state government's decision to extend stamp duty concessions for off the plan apartments in the 2016-2017 State Budget has been warmly welcomed by the local development sector.

Pat Gerace, executive director of the SA branch of the Urban Development Institute of Australia said the UDIA has been urging the Government to continue stamp duty concessions for off-the-plan apartments, which will now be extended by 12 months until June 30 next year and include off-the-plan apartment properties across the state.

“These stamp duty concessions will make apartment properties more affordable and help more homebuyers into the market. Importantly, it will also allow more choice for those who are downsizing or trying to get into the market but don’t want to live in the city,” he said.

"We also requested the Government remove land tax on undeveloped residential land, which would reduce the land tax impost that is ultimately applied to pricing when the land is eventually ready for purchase by homebuyers.

"The Government also needs to provide funding to establish proposed infrastructure schemes and an e-planning system by mid-2018 – as outlined in the recently passed Planning, Development and Infrastructure Bill 2015. There’s been good progress in recent times to reform the state’s planning system, so it’s important the Government provides the necessary funding to establish new initiatives such as infrastructure schemes and an e-planning system to help unlock new investment and generate economic growth."