Page 511 - Week 02 - Wednesday, 19 March 2014
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which it would originally have been purchased, would allow the transfer of the lease either under the four or two per cent scheme, depending, as Mr Smyth has read out, on the circumstances of the buyer.
MADAM SPEAKER: A supplementary question, Mr Smyth.
MR SMYTH: Minister, can you clarify whether such an action would be permissible under the government’s land rent scheme or is this a loophole? Is it permissible to sell the land rent lease at a profit?
MR BARR: The question of whether a profit is to be made would need to be determined based on different values of the land at the point of the original entry into the land rent scheme and then the point of the proposed exit. That may well reflect changes in the valuation of land over that period of time.
MADAM SPEAKER: Supplementary question, Mr Coe.
MR COE: Treasurer, are you aware of any other cases of on-selling the contracts of undeveloped blocks under the land rent scheme?
MR BARR: I am aware that the scheme allows for the transfer of properties over time, that people are able to transfer their lease from the land rent scheme into a more traditional lease arrangement and that they are able to transfer leases on to other eligible purchasers. The scheme does allow for that.
MR COE: Supplementary.
MADAM SPEAKER: A supplementary question, Mr Coe.
MR COE: Treasurer, would selling a land rent block attract stamp duty?
MR BARR: It would depend, of course, on the value of the particular property and the nature of the purchaser, because there are a range of concession schemes and thresholds that are applicable. It would be difficult to give a definitive answer on that question without knowing the nature of the block, the value of the block and the nature of the purchaser.
Economy—digital Canberra initiative
MS BERRY: My question is to the Chief Minister. Chief Minister, as part of your address to the Canberra Business Council last week you announced the digital Canberra initiative. Can you inform the Assembly what digital Canberra is about and how this initiative will help grow the city as we enter into our second century?
MS GALLAGHER: I thank Ms Berry for the question. The digital Canberra vision is for Canberra to become a leading digital city. Digital Canberra will promote Canberra as a city of digital opportunity, create digital networks and partnerships, accelerate the digital economy, build a city of innovation and connected communities and support the open government agenda, citizen engagement and better services.
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