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This set back was always on the cards, given the technical issues. However, it simply means we must re-double our efforts. The Property Council has already spoken to John Howard and Peter Costello over the weekend. They say stamp duty on commercial property conveyances is still programmed for elimination, but will be delayed because of “short term transition issues”. The Property Council will also meet with the Premiers and State Treasurers all over again.

The aim is to re-store the scrapping of commercial property conveyances to the original timetable. At the very least, stamp duty rates for commercial property conveyances need to start falling by July 2000 with full elimination by 2002. Our argument is that the main losers are the millions of superannuants who have a huge stake in the property industry. Property is a critical asset in diversified investment funds and ‘ordinary’ Australian superannuants rely on its solid yields and stability.

Property alone faces the trifecta of land, transaction and capital gains taxes. At least one should go in order to increase the retirement wealth and self sufficiency of Australians. There are still plenty of pluses for property in the Coalition’s tax package conveyancing lawful especially listed property. Stamp duty on marketable securities, leases and mortgages will still be scrapped. Nevertheless, taxes on underlying commercial property assets need to fall if property is to become a more competitive asset class.

John Ralph’s Platform for Consultation contains positives and negatives for the property industry. On first blush these are: Tax treatment of trusts – (see previous lobbying alert). Ralph’s proposal is better than the Government’s previous plan to tax trusts as companies; however, the right to pass the full value of capital deductions through to beneficiaries remains in jeopardy.

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Capital Gains Tax – Ralph accepts that longer held assets should be rewarded with a lower CGT rate. One option involves following the UK model of a 30% capped rate and a phase out of CGT liability over a decade. The proposed removal of inflation indexation would create simplicity but should not be given away lightly. Depreciation and Amortisation 1 – the replacement of accelerated depreciation with an effective life regime is a negative, although the proposed 50% uplift of write-off rates softens the blow.

By doing all these steps you will get success in the property transaction process and you will also be able to avoid all the complicated steps. If you are in an urgent situation to buy or sell a property then in such cases it is suggested to contact the superior and highly reputed Conveyancing Company for managing your property conveyancing case.

Depreciation and Amortisation 2 – the integration of all depreciation systems into a single regime that deals with business assets is a potential plus. Building structures could be treated like plant, which means a cost base determined by purchase price and claw backs on sale. FBT – finally FBT on car parking could be scrapped, but only where the benefit relates to parking in an employee’s place of employment. The Treasurer has announced, in principle, that property trusts will not be taxed as companies.

This means that income earned by property trusts will flow through to beneficiaries whom will then pay tax at their marginal rate. However, there’s a sting. The Treasurer has left the design details for a ‘flow-through’ tax treatment to Ralph’s final report. The most important issue to be negotiated is the tax treatment of ‘tax preferred’ income arising from depreciation allowances, which remains under threat. The Property Council will continue to lobby on this issue with its allies.

Further discussions with John Ralph and his team today confirm that the building structure write-off is targeted for elimination. At present, buildings can be amortised over 25 years (hotels and industrial premises) or 40 years (offices and shopping centres).

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The Property Council has successfully rebutted the first point on many occasions. However, the stakes are now far higher and the Property Council’s tax experts team is giving this issue a high priority. I will soon write to you with details of our lobbying activities in relation to the Ralph business review and the GST, which are in high gear.

Income distributions will be taxed in the hands of beneficiaries, however three problems remain: Under Ralph’s current definition many sub trusts and wholesale trusts will still be taxed as companies. Third, the sleeper – unstated in the Ralph report is a concept of ‘trading trusts’. The hidden assumption is that trusts that contain businesses conveyancing expert such as shopping centres, are business vehicles NOT investment vehicles. Treasury’s agenda is to tax trading trusts as companies. If they’re successful, our victory on property trusts will vanish.

The Property Council today spoke with Peter Costello about the elimination of stamp duty on commercial property conveyances. The Premier’s meet this Friday and the stamp duty issue is on the table for discussion. The Treasurer assured us he would stand firm with the Premiers and that stamp duty on commercial property sales would need to be eliminated if states want the GST revenue.

Of course, the timing of any abolition remains a matter for negotiation at this stage. There are many hurdles to cross before this $1.6 billion annual impost is scrapped – getting a GST on food is one of them. Nevertheless, achieving a sign off from all Premiers is a crucial prerequisite.

The Property Council is pushing for nation-wide adoption of the “one stop shop” principle as customers to government should at the very least expect instantaneous supply of information about all controls impacting upon any parcel of land in question.

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Given our electronic age, our planning and development controls should be organised into an electronic format so that a developer or builder can approach local government seeking information on the conditions applying to a parcel of land. If Australia implements industry’s best practice framework for harmonisation of development assessment procedure, it is estimated that savings to the tune of $1.6 to $1.8 billion could be realised. The Property Council of Australia together with other industry players, state planning officials and local government representatives are currently looking into such reform with the winners of the process being government, the property sector and the community at large.

And to find such company you have to make a detailed research process and find the deserving company and demand from them to give you the best possible conveyancing services that they have with them. In case at all you are met all requirements for any concessions or stipends, it is crucial to let the conveyancer understand that.

At a recent Property Council of Australia Division lunch, the Premier of South Australia, Hon John Olsen MP supported the creation of “a one stop planning shop” – where development assessment procedure would be reformed and streamlined by the government.

Including John Howard’s) herald the end of non residential property stamp duties in an intergovernmental agreement that includes a promise not to reintroduce them. Stamp duty won’t disappear overnight. In some cases it will take several years. Of course, the GST has to make it through the Senate first (with food). However, once we get a couple of States to scrap the duty or even start phasing it out, the momentum will build.

The Property Council of Australia will seek an urgent meeting with Treasury after real estate was excluded from the Government’s plan to relax foreign investment laws announced yesterday. “There is no logical reason why the foreign investors putting money into the Australian property market should not benefit from less Government red tape, Property Council Chief Executive Peter Verwer said today. “If an Australian company wants to invest in offshore property they are, in most cases, not bogged down by unnecessary Government laws which discourage investment.

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“It’s obvious that foreign investors would expect the same when the come to Australia and if they are not on a level playing field they might consider taking their money to another country. “There are numerous hotel developments for instance who are desperately seeking foreign capital. Without it, some projects may fail to eventuate which will then cost valuable jobs in the tourism industry.

“Property is a beacon for foreign investment and we cannot afford to be sending the wrong signals to potential offshore investors. “We want to sit down with Treasury and discuss this matter and work through a sensible compromise acceptable to both parties. “The meeting will aim to clarify what the proposal is all about before we put forward suggested amendments to the current FIRB regulations.”

The Howard Government had fired the starting gun in the race to become the financial capital of the Asia Pacific, Property Council Chief Executive, Peter Verwer said tonight. Mr Verwer said the Howard Government’s $7 million commitment to marketing Australia as a centre for global financial services was an exciting initiative  You can utilize the organizations of conveyancing solicitors He said several Australian capital cities had the potential to become major financial centres of the Asia Pacific.

“The global financial services initiative is a strategic move that will allow Australia to leverage off its world class cities, mature capital markets and a stable regulatory system,” Mr Verwer said. “Jobs, investment and development will flow into our capital cities if we aggressively work on squeezing the maximum benefits out of the IT revolution and global capital markets. “The property industry applauds this initiative because it encourages businesses to open up their doors in Australian capital cities.

“The governments global financial services initiative shows they are committed to positioning Australia to reap the advantage of a globalising economy. “Now is the ideal time to develop Australia as a global financial services centre while Asia is still on its knees. “The more business and investment we attract to Australia on the back of the technology revolution the better off we will be in the next century.”

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The banks will only bid up to the amount of the loan they provided for the property, since their intention is only to be paid back. If someone other than the bank buys the property, the money goes to pay off the construction loan at the bank. In some cases, the prospective homeowner might buy the property and hire another builder to finish the home. That could lead to hassles for the homeowners, but they could pay less in the end than they agreed to pay for the house from Erpenbeck. Conveyancing is the lawful methodology of exchanging properties starting with one holder then onto the next so whether you are looking to purchase a property or offer one, the most ideal approach to verify that you will be making this legitimate procedure smooth and as bother free as could be expected under the circumstances is by employing the administrations of melbourne conveyancing fees legal counselors. In other cases, subcontractors with liens on the properties might decide to buy them, finish them and sell them.

The Howard Government’s fourth budget had paved the way for comprehensive reform of the tax system, Property Council Chief Executive, Peter Verwer said tonight. Mr Verwer said all those still considering their vote on the Government’s tax package should now be convinced of the merit of the Government’s tax reform plan. He said small and medium sized enterprises were haeomarageing under the present system and this budget had positioned the Government to drive a stake through the heart of the old tax system.

“It’s now time to reform the tax system and get on with building an even stronger economy,” Mr Verwer said. “The Government has done a good job keeping the economy on track but comprehensive tax reform is needed if Australia is to remain an economic leader as Asia recovers.

“The property industry badly needs tax reform if we are to continue looking after the interests of the nine million superannuants who are indirect property owners.” Mr Verwer also noted a number of initiatives within tonight’s budget that will specifically benefit the property industry including:

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News of the since quite a while ago postponed PeopleSoft arrangement eclipsed the arrival of Prophet’s money related results for the quarter finished Nov. 30. The organization earned $815 million, or 16 pennies every offer, a 32 percent expansion from $617 million, or 12 pennies every offer, in the meantime a year ago. The income every offer were two pennies over the mean assessment among experts reviewed by Thomson First Call. Most conveyancing solicitors will likewise make it their obligation to guarantee that the property is additionally attractive, ie that there are no issues about the property that are found amid the process that would put off a future purchaser from buying the property.

Prophet’s income climbed 10 percent in the quarter to $2.76 billion from $2.5 billion a year prior. Pleasanton-based Peoplesoft urgently needed to stay autonomous, determined partially by the organization’s profound pull hatred for Prophet’s items, and Ellison’s obtuse and here and there heartless administration style. At a certain point in the corporate clash, Peoplesoft workers wore Shirts pronouncing, “Larry, Kiss Our Applications!” to pass on their rebellion.

“This has been a long, passionate battle,” said George “Skip” Fight, a Peoplesoft executive who administered the Prophet arrangements. “The load up salutes our representatives for their remarkable commitment to Peoplesoft and is thankful to our clients who have kept on purchasing our items and remain by us amid these questionable times.” Without the expert learning of accomplished conveyancing solicitors or authorized transport it would be simple for you to miss something that implies you can’t get the property enrolled in your name at the area registry.

To accomplish the arrangement, Prophet additionally needed to conquer the U.s. Bureau of Equity, which looked to piece the arrangement in light of the fact that it accepted the merger would mischief drive up programming costs and decrease item development. An elected judge dismisses the administration’s antitrust cases three months back, uprooting one of Peoplesoft’s strongest takeover safeguards.
Prophet’s offered gotten an alternate support when Peoplesoft suddenly terminated its CEO, Craig Conway, a previous Prophet representative who had led the organization’s resistant safety.

While it contains few property specific measures, the budget sets the scene for much stronger business growth and personal spending that will fuel demand for our industry’s products – space and investment services.  solicitors or authorized conveyancers the budget also paves the way for key Senate independents to pass the GST and trigger the elimination of many indirect taxes that reduce property returns. At this stage we can’t see any new taxes or hidden technical problems – it will take a couple of days to confirm this.

After Conway’s ouster, Peoplesoft’s board centered around removing a higher offer while Prophet officials campaigned at a lower cost. The acting changed throughout the weekend after Peoplesoft’s prepare to leave reached Prophet to open genuine arrangements shockingly since the adventure started. The gatherings gave Prophet its first opportunity to see Peoplesoft information that hadn’t been freely accessible, persuading the organization it could stand to raise the offer, Ellison said.

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Still, the uncertainty of the airline industry and the impending layoffs will have repercussions on Fort Worth apartment occupancy in 2003. Concessions increased last year, as landlords struggled to pull up occupancy to near 95 percent. In effect, there will be a lot of money on the sidelines ready to chase a limited number of multi housing investment opportunities.

Locally, the challenge for buyers in the year ahead will be the dearth of revenue generating properties actually for sale coupled with the reluctance of owners to actually sell. Owners will be content to hold onto their properties, adopting instead, a long-term perspective to their strategy.

While overall investment demand will go unmet in 2003, apartment transactions will be seen in the Metroplex. Class B and C properties located in the fairer parts of the city, such as North Dallas, will gather attention from investors seeking to increase their profit margin by addressing a property’s physical issues and/or by modifying the current capital structure. This notable distinction is largely attributed to the robust single-family construction within the area as a result of the widespread availability of land and easy access to business centers and highways.

Although the number of singlefamily permits slightly declined by less than a percentage point (after reaching its peak in 2001), the most active segment by far within the DFW land market remains within the single-family development sector.

Homebuilders and retail developers will migrate further out as road improvements and expansions take place. Sustaining its pattern of low-density urban development, investment activity will be mostly within the hot spots of McKinney, The Colony, Keller and Frisco this year.

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The reason investors and developers are moving ever closer to the Red River is simple: more land for less dollar while getting a jump on the population growth trend. This mirrors developers who were strategically planning in the 1990s when they bought thousands of acres along Highway 121 in Frisco and Plano, which is only 10 to 20 miles from major employment centers in west Plano, McKinney and Denton.

Despite an increase in home prices, incomes have grown at approximately the same rate making the typical home effectively less expensive today than it was seven or eight years ago when mortgage rates are taken into account Conveyancing solicitors or lawyers  In the face of this myriad of obstacles, Houston’s office leasing market has clearly dodged the bullet that deflated other Texas markets based upon the vacancy averages.

With an average vacancy of 16.9 percent, Houston still remains the tightest office market in Texas with San Antonio, Austin and the DFW Metroplex trailing at 19.7 percent, 22.5 percent and 24.2 percent respectively.

As vacancy climbed to new levels, overall asking rents fell approximately $1.06 per square foot per year. Meanwhile, Houston is also feeling the sting of heavy amounts of sublease space, hosting 4.6 million square feet, a 30 percent increase from the previous year. Despite the space overhang, Houston continues to outperform other office markets in Texas and Oklahoma facing gluts with only 3 percent of its total competitive inventory accounting for sublease space. Setting the pace for Houston’s office market in 2003, all eyes are on the CBD as the uncertainty of future area demand will prevail deep into the year.

This is especially the case since the 1.2 million square foot former-Enron Center South building, located at 1500 Louisiana, has been added to the competitive inventory. In addition, there are two new office buildings soon to follow, as the 37-story Reliant Resources Plaza and the 32-story Calpine Center will in effect drive vacancy up as nearly 1.5 million square feet of new space hits the market.

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While real estate fundamentals make this an ideal time for renewing or upgrading office space, Houston tenants will be reserved in their approach to real estate commitments until the national economy gives the go-ahead.

Despite the positive growth, it is worth noting overall industrial vacancy increased by 66 basis points to 8.0 percent within the past 12 months, as a 1-2 punch of multiple space reductions and a flood of mistimed space completions countered absorption gains. Even with the increase, Houston’s vacancy continues to post in the single digits, lower than all other Texas/Oklahoma regional markets.

with Dallas/Fort Worth trailing at 9.0 percent while Oklahoma City, Austin and San Antonio lag far behind with their respective vacancies pegged in the double digits by year-end. With that said, Houston’s leasing velocity has doubtlessly declined in terms of demand during the recent U.S. recession while the impact of speculative construction on supply surely cannot be overlooked.

On a positive note, the beleaguered submarket continues to benefit from bulk space needs which interestingly accounted for over 75 percent of Houston’s overall growth in 2002. As the construction pipeline depletes and tenant demand slowly recovers, the industrial leasing market will likely rebound to its historical norm well into 2003 conveyancers from our comprehensive conveyancing possibly as late as 2004. Tenants will doubtlessly reap handsome lease terms at least through the first half of 2003, as offers of free rent and lavish tenant improvement allowances will be used in order to stimulate demand.