The Property Council of Australia calls on the federal government to amend the Build to Rent (BTR) legislation. They argue that the proposed changes could lead to an additional 105,000 rental homes over the next 10 years.
The Property Council, along with the Community Housing Institute of Australia and National Shelter, has submitted a joint proposal to the Senate Economics Legislation Committee. Their key recommendations include:
Redefining affordable tenancies
Revising the managed investment trust (MIT) withholding tax rate to 10%
Requiring affordable tenancies to be managed by registered, not-for-profit community housing organizations
Extending the 10% MIT withholding tax rate to existing BTR projects
Committing to no "no cause" evictions
Increasing lease terms from three to five years
The Property Council believes that these changes would encourage investment in BTR housing and ensure that the benefits flow to those who need it most. They argue that the cost of implementing these changes would be minimal, at just $9.3 million over 10 years.
The Housing Industry Association (HIA) also supports the need for more housing supply and has called on the government to focus on all areas of housing, including the private market.
source: https://www.theadviser.com.au/borrower/46041-parliament-pushed-to-make-build-to-rent-changes
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