SA premier rules out stamp duty incentive
Developers in the South Australian government’s Port Adelaide Precinct Plan released last week want stamp duty concessions for investors buying new apartments to help rejuvenate the area.
The developer of a $9 million serviced-apartment complex near the Birkenhead Bridge, Hans Ehmann (owner of the Customs House and the Fishermen’s Wharf Markets), said stamp duty cuts of up to $21,330 would encourage more development in the Port.
Land tax discounts for developers should also be considered to drive commercial and residential construction, he said.
Mark Dyson, who owns three wool stores in Port Adelaide and is the managing director of Quality Wool, backed cuts to property taxes in the Port.
“I’d be the first one to turn them into accommodation,” Mr Dyson said. “Port Adelaide has a stigma about it – to get people down here they need to price (apartments) right.
“Give developers tax breaks or subsidies.”
But SA premier Jay Weatherill has ruled out stamp duty cuts for new apartments in Port Adelaide while Liberal treasury spokesman Iain Evans said he could not support stamp duty cuts in the Port as the state was facing a $1 billion budget deficit this financial year.
Image: Jay Weatherill
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