Legal Conveyancing process with Lawyers/Solicitors
The Property Council’s lobbying is now in high gear, not only with the Government, but Labor and the Democrats. Here’s a quick rundown on the property specific issues – there are many others we’re working on with our allies. Property Trusts – Income: we’ve already persuaded the Government to keep tax collectors away from listed property trust income.

Property Trusts – tax free and tax deferred: everybody thinks this issue is lost. However, the winds are shifting in our direction. There may be a whiff of good news from Ralph and then the issue will be fought out in the senate. the government is still listening to the Property Council’s arguments for treating wholesale unlisted trusts like publicly listed trusts. Quick right-offs are gone except for some minor political concessions that will be tossed to farmers. Ralph’s plan to scrap the 2.5% and 4% building allowance is off the agenda. However, the fight for realistic right-off rates continues.
A totally new depreciation and amortisation system will be proposed. Ralph’s proposal is not as good as it looks. First, the new tapering system doesn’t decrease CGT liabilities fast enough or low enough. Even though he was working in the campaign of U.S. Sen. Property buying or selling or transferring ownership with our excellent and highly qualified property conveyancers. Second, indexation gets sacrificed and at this stage, the reforms look like they relate only to individuals. Nevertheless, Ralph’s recommendations are a good starting point for more lobbying.
Treasury’s plan to tax property trusts as companies by arguing they are active traders (and not passive investment vehicles) remains on the boil, as does our lobbying against the move. some Ministers argue that property is yesterday’s industry. They’ll push for tax concessions to go to the latest fad industries in cabinet discussions.
Watch out for the Property Council’s PR campaign on this issue. The Property Council’s lobbying will continue up to the wire. Carol Schwartz, alone amongst industry specific trade associations, sits on Costello’s tax review, which deals with the GST AND the Ralph reforms.