Amid a housing supply and cost of living crisis, NSW Government has changed the Environmental Planning and Assessment Act introducing a new 'Housing and Productivity Contribution' that will immediately cost developers thousands. Undoubtedly the additional cost will be funnelled back to the purchasers.
From 1 October 2023, the upfront construction tax will apply to all development applications in NSW.
The contribution will cost developers $12,000 a house and $10,000 a unit in Greater Sydney. Housing contribution will also apply to industrial, commercial and retail developments on a per square metre basis.
Vincent Young is still coming to grips with this very surprising legislative amendment.
Read more here:
https://www.parliament.nsw.gov.au/bills/Pages/bill-details.aspx?pk=18435
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