Intensive negotiations between the Property Council of Australia, Shopping Centre Council of Australia and the Queensland Government have resulted in agreement on major amendments to the Valuation of Land and Other Legislation Amendment Bill 2010 tabled in Parliament on 11 February.
Property Council of Australia Queensland Executive Director Steve Greenwood said that the amendments expected to be incorporated into the new Bill this afternoon will address many of the concerns raised by industry since the Bill was introduced a month ago.
“Firstly we are pleased that the Government has taken our advice and will not be introducing this legislation retrospectively back to 2002. This will ensure the rights of those appellants with objections/appeals before the courts are protected and settlement negotiations can now continue without prejudice.
“We are also pleased that the Government has committed to a full review of the State’s valuation system in time for the 2011 round of valuations.
“This means that the Bill that will be passed by the Government today will only impact the 2010 round of valuations. We expect that these valuations will generally be lower, reflecting the impact of the global financial crisis on the property industry.
“The review proposed by the Government will focus on a move to site valuations which is consistent with the approach adopted in other states. This means that the amendments proposed in the current Bill incorporating goodwill, leases and other contentious issues – the basis for our claims that the Bill will be a tax on business - will not feature in Queensland’s future valuation system.
“Importantly the Government has demonstrated its commitment to undertaking this review with the addition of a sunset clause in the legislation. If the Government is unable to complete this review in time for the 2011 valuations, the legislation will revert back to the current legislation as interpreted by the Court of Appeal in the Pacific Fair Case.
“The end result is that valuations in 2010 can proceed, but importantly Queensland will not be weighed down by the approach contained in the Bill beyond 2010.
“We have a commitment from the Premier that the Government will undertake full and proper engagement with industry over the coming months as this review is undertaken.
“We also welcome the Premier’s announcement that the independent statutory position of Valuer General will be re-introduced in Queensland. This is something industry has been seeking since the position was abolished a decade ago.
“I would like to acknowledge the strong leadership shown by the Premier in our final negotiations which ensured that a satisfactory resolution could be reached.
“I would also like to recognise the strong support provided by Queensland’s other leading industry associations in publicly supporting the Property Council and Shopping Centre Council on this issue and engaging their membership accordingly.
Credit: Propertyoz.com.au
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