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Jun 8 2017 at 11:00 PM
Updated Jun 8 2017 at 11:00 PM
License article
"Disastrous" land tax soars 1200 per cent in 12 months
Massive land tax rises are forcing investors to sell their properties. Jim Rice
by Duncan Hughes
A 73-year-old grandfather may have to sell his retirement property nest egg after a near-1200 per cent increase in land tax in 12 months, or a rise from $5300 to more than $67,900.
Brian O'Neill's astonishing tax bill rise is being repeated across Victoria where recent state government revaluation of land is forcing many property-owning paper millionaires to sell off their assets. O'Neill, a father of eight and grandfather of 23, bought and renovated the two-shop, seven-office complex 40 years ago. The property is located in Martin Street, Brighton, about 12 kilometres south-east of Melbourne.
Investors across Victoria are being forced to consider the sale of houses or small commercial properties that were often bought cheaply decades ago and have rapidly escalated in value during the current property boom. This could be a bellweather for property owners in other states where prices are also skyrocketing.
Daren McDonald, a partner with property advisory group ShineWing Australia, says: "It is a disaster that will have significant impact. It is going to create cash flow problems, which means many might have to sell."
Rorey James, head of Melbourne strip retail investments with CBRE, a global property group, says some investors are attempting to avoid the tax rises by investing in strata title that allow individual ownership of part of a property, combined with shared ownership in the remainder, such as foyers and gardens, through an owners' corporation or body corporate. That means the tax is spread across several owners.
"It's premature to predict outcomes and we are weighing up what the tax increase means," says James. "But we are already seeing some investors planning to sell their holdings rather than pay the tax, which likely means an increase in stock in the second half of the year."
Look out for other changes
Investors in other states also need to be aware of tax changes, such as reinstatement of stamp duties and changes to self-managed superannuation fund (SMSF) rules, which will impact returns.
In Queensland and Tasmania, for example, first home buyers' grants will revert back to $15,000 from $20,000 for new properties.
Investors considering off-the-plan apartments are losing generous tax incentives and depreciation allowances and facing tougher borrowing conditions, rent falls in some cities and increased competition for tenants as supply rises.
In Victoria, off-the-plan stamp duty concession will no longer be available for investors. That means an investor in a $2 million off-the-plan apartment in Melbourne might have to pay another $110,000. Some concessions have been switched to regional Victorian investors.
But there is some good news for SMSF property investors.
SMSF trustees have been given a reprieve from a rule that would have curtailed their ability to borrow to buy property and potentially resulted in forced sales of houses, apartments and business premises.
Treasury officials this week told super industry participants they will undertake further consultation on a measure that would force self-managed fund members to include the value of a loan when calculating their total super balance.
SMSF tweak
Peter Hogan, head of technical services for the SMSF Association, says he is "reasonably confident" the federal government will have the amendments approved by parliament by the end of June. Hogan says no decision has been made but Treasury is sympathetic, Opposition parties are unlikely to block the amendments and there are enough sitting days remaining to get it through, he adds.
"The government has acknowledged the issues raised and the potential for unintended consequences," he says.
The federal government's speedy response contrasts with that of the Victorian state government, which has failed to explain to investors like O'Neill the steep increase in land tax. Property investors are angry that they are being penalised by the state government because of increases in their property values.
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"What's the point of keeping my investment," says O'Neill who also has to pay 30 per cent tax on rental income, maintenance and administrative costs. "No-one gave me anything. I've had to work for everything. "But we have a government that wants to grab your money and run."
Tax officials responded to his complaints about the increase and size of the tax by recommending he pays the full amount and then lodges an application for a review.
Flawed process
Property specialists claim the state government land tax grab is hitting existing and new property investors, particularly business people and dentists, doctors and lawyers who have purchased their surgeries and chambers.
The size of the tax bite has been hidden in previous years because Victoria revalues land every two years, which means this year's tax assessments are based on 2016 council valuations.
Land tax on properties in Melbourne's central business district is increasing by up to 400 per cent, or more than 26 times the state average increase of 15.8 per cent for commercial valuations in 2016.
Tom Tuxworth, senior director of CBRE, adds: "Most owners are objecting to the new assessments and believe that the valuation process is flawed with councils taking a sweeping approach to these valuations and not factoring in such things as heritage restrictions on sites"
Big property funds, such as DEXUS, Charter Hall and GPT, own multiple commercial properties in different states and can spread the rising costs across their portfolios.
But smaller private investors in commercial properties who cannot diversify are feeling the impact.
Justin Lawrence, a partner and property specialist with legal firm Henderson & Ball, warns it is also catching investors who buy a property unaware of the increased tax liability, particularly those who are stretched financially. "This is a huge trap," Lawrence says.
Many investors could be forced to raise rents to cover rising costs, which might make it tougher to find tenants.
ShineWing's McDonald warns many landlords will not be able to pass on the extra cost to their tenants.
"Property investors need to review the net return on their properties and decide whether it is worth retaining in its current form or has a better use (such as converting a house into apartments)," he says.
The Victorian state government is planning to increase the tax from every two years to every year.
Read more: http://www.afr.com/personal-fina ... wm9pp#ixzz4jlqIbq8i
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