LNP plan to slash land tax for build-to-rent projects
Thousands of new construction jobs would be created under an LNP plan to slash land tax for build-to-rent projects.
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Land tax would be slashed by 75 per cent for new build-to-rent projects to help create thousands of construction jobs and secure investment under an LNP government.
And exemptions on international investor taxes would be provided for eligible projects under the plan that would secure $2bn worth of investment, create 4600 construction jobs and 4000 new homes over the next 10 years.
LNP leader Deb Frecklington said she wanted Queensland to be the low-tax state again.
“Reducing tax on build-to-rent projects is a pro-jobs policy that will mean more work for carpenters, electricians, plumbers and suppliers,” she said.
“The build-to-rent revolution is happening and an LNP government will put Queensland right at the front of this job-creating sector.
“When Queensland is building, Queensland is working.”
Under the build-to-rent model, developments are designed specifically to be leased to tenants.
The LNP announcement comes after the Palaszczuk Government yesterday revealed it had secured an agreement with national builders to develop two affordable housing projects in Brisbane as part of a pilot program.
Labor’s project will deliver housing for tenants who don’t necessarily qualify for access to social housing.
LNP treasury spokesman Tim Mander said NSW had slashed land tax on build-to-rent projects and if Queensland didn’t act it would miss out on millions in investment and thousands of jobs.
“The LNP’s land tax cut will exceed the concession in NSW and make Queensland more appealing to invest in,” Mr Mander said.
“These housing construction projects won’t be built in Queensland if our tax rates are too high. The LNP won’t let states like NSW get the jump on Queensland.”
Property Council of Australia Queensland executive director Chris Mountford applauded the LNP policy.
Originally published as LNP plan to slash land tax for build-to-rent projects