Land tax set to dominate SA property debate

 

Over the weekend we attended a thought-provoking AIC(SA) State conference. Moves to aggregate Land Tax liabilities in SA was a hot topic. The Treasurer Rob Lucas, in his opening address, argued the measure will make SA more competitive with other States. However, the upswell of opposition to the plan was echoed by Business SA’s Anthony Penney during a panel discussion with Corelogic’s Kevin Brogan and former banker Damian Percy. The panel also discussed the impact of the recent royal commission into the banking sector on activity in the property market, and whether significant increases in property prices are a good thing or not (not, according to Damian Percy).

Photo 20-7-19, 10 34 02 am
From left, Damian Percy, Kevin Brogan (Corelogic), Anthony Penney (Business SA) and Tanya Matthewson (Sympli)

While the Land Tax reform is likely to dominate public debate this year, there are plenty of commendable initiatives by the State government underway which will create tangible benefits for property owners and investors in the coming year. Exciting overhauls are underway of the State planning code and water licensing, underpinned by streamlined digital registries and new online application processes.

The anticipated outcomes?

  • Quicker processing of water trades to make water trading in SA more attractive
  • Easier approvals of many grass roots developments (in some cases they won’t be required at all)
  • Greater consideration by expert assessors of large-scale developments
  • More consistent and desirable development across the State
  • Greater public access to information about properties

A dominant theme of the day was competition. In his keynote address, Deputy President of the Fair Work Commission Peter Anderson gave an overview of the serious responsibility Conveyancers have to our clients. Driving home those responsibilities, the ATO’s Loretta Bishop-Spalding and Commissioner of State Taxation Julie Holmes gave an update on GST at settlement requirements and the Stamp Duties Act reform respectively.

Meanwhile, eConveyancing continues to evolve with Sympli muscling in on ELNO (Electronic Lodgement Network Operator) space. Sympli is expected to be operational in SA by the end of the year, creating competition with PEXA.

Conveyancers have never been more critical to project manage the buying, selling and sub dividing process. Where digitisation has sped up processes, the myriad requirements to report, withhold, verify, certify and simply understand the plethora of information available on a property is overwhelming.

What does all of this mean for property owners? Conveyancers have never been more critical to project manage the buying, selling and sub dividing process. Where digitisation has sped up processes, the myriad requirements to report, withhold, verify, certify and simply understand the plethora of information available on a property is overwhelming.

We’ll be watching the public debate around land tax reforms intently and in the meantime look forward to the moves to make SA an even better place to live, work and invest.


 

Connolly Wilson Conveyancing’s team of registered conveyancers are South Australian experts in the legal transfer of interests in real property. The advice on this website is general in nature. We recommend discussing any planned property dealings with us to ensure all relevant details have been considered. You can chat to one of our friendly conveyancers by getting in touch today.

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