STATE ECONOMY —
STAMP DUTY REBATE
1243. Hon COLIN TINCKNELL to the minister representing the
Minister for Finance:
I refer to the government's
announcement yesterday to offer a 75 per cent stamp duty rebate to those
purchasing multi-tiered apartments and units off the plan.
(1) Can the
minister please inform me of the government's definition of a ''multi-tiered''
development; and is this rebate limited to only those developments that fit
this specific definition?
(2) The ABC's
7.30 on Monday night reported that 97 per cent of apartments in Sydney
and Melbourne have at least one major
defect, while some, like the Opal Tower and Mascot Towers, were so defective
they were evacuated and are now virtually worthless and will cost the
owners, not the developers, tens of millions of dollars to repair.
(a) What is the
government doing to make sure that people who purchase these new units and
apartments have the appropriate safeguards in place to protect them and their
major asset investment from this sort of thing happening in the long term?
safeguards is the government putting in place to better protect smaller
contractors who get screwed over by property developers?
STEPHEN DAWSON replied:
I thank the honourable member for
some notice of the question. The following information has been provided by the
Minister for Finance.
(1) The definition of a ''multi-tiered''
development is ''A vertical development other than a single-tier strata
scheme as defined by section 3(1) of the Strata Titles Act 1985''. The
definition can be found under the ''Terms used'' link on the
Department of Finance website at
I saw this just before I came in. I
am happy to provide a copy of this to the member next week if he cannot find it
in the meantime.
(2) (a)–(b) This part of
the question should be referred to the Minister for Commerce.