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REIQ Journal : September 2008
6 INDUSTRY NEWS Tax information for real estate employees The Australian Tax Office (ATO) has produced a publication to summarise Taxation Ruling TR 98/6, which provides information on tax deductions specifically for salespeople and property managers who are employees in the real estate industry. State-wide hunt for new land The State Government will review the use of 1.3 million hectares of unallocated state land to identify suitable areas for new housing, commercial, industrial, and environmental projects. Natural Resources and Water Minister Craig Wallace said the government would give priority to large land parcels close to urban centres, including regional cities such as Townsville, Bowen, Gladstone, and Mt Isa. “The Bligh government cannot control housing interest rates or building costs, but we can help people by identifying new housing land,” he said. The Government will consult with local communities about the usage of land for recreational and environmental purposes, but has indicated that land for housing is a priority. Land studies have already been completed or have commenced in key regional cities, and are designed to complement work done by the Urban Land Development Authority, which is working on a number of major urban development areas including Bowen Hills, Hamilton North Shore, Fitzgibbon and Woolloongabba. The final development of released state land will be subject to the development assessment processes provided under the Integrated Planning Act, including appropriate community consultation. The guide, entitled Real Estate Employees, explains what claims you can and cannot make by looking at the common expenses you incur as a real estate employee. It also includes information about some changes to the tax laws that have occurred since the ruling was issued, such as capital allowances. For more information, visit www.ato.gov.au/individuals and follow the links. Brisbane parking more expensive than New York Brisbane CBD car parking spaces continue to rank amongst the most expensive in the world according to the results of Colliers International’s 2008 Global CBD Parking Rates Survey. Brisbane ranked fifth most expensive globally, with a median monthly unreserved rate of $591.63 USD, ahead of New York’s midtown and Tokyo CBD. Colliers International state director for commercial research Felice Spark said the results for monthly parking rates showed a clear correlation between plummeting office vacancies and car parking costs. “Given Perth and Brisbane now have among the lowest vacancy rates in the world, it is no surprise that monthly parking costs are among the most expensive,” Ms Spark said. The global survey was conducted in June and covered a broad selection of 138 major metropolitan cities across North America, Europe, Asia and Latin America. Rank 1 2 3 4 5 6 7 8 9 10 Global results - Monthly Parking Rates City London City, UK London West End, UK Sydney, Australia Hong Kong, China Perth, Australia Brisbane, Australia New York, NY, USA Tokyo, Japan Stockholm, Sweden Dublin, Ireland Median monthly Parking Rate (USD) 1166.87 1135.76 774.76 742.40 610.42 591.63 585.00 552.00 508.92 507.74 REIQ Journal September 2008