Original article by Aaron Patrick
The Australian Financial Review – Page: Online : 23-Jun-21
Tax changes introduced by NSW Planning Minister Rob Stokes on 22 June are the result of recommendations made by the NSW Productivity Commission in 2020. The Commission suggested that changes be made to the manner in which property developers are taxed in return for their projects being approved. Under the changes introduced by Stokes, land owners will have to give the government money or land when they sell or subdivide land that has increased in value because of government decisions. The changes are tipped to raise an extra $250 million a year in revenue.
NEW SOUTH WALES. DEPT OF PLANNING AND ENVIRONMENT, NEW SOUTH WALES PRODUCTIVITY COMMISSION