Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

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GUEST OBSERVATION
Despite what you may think, that is not a rhetorical question.
The <a href="https://www.smartcompany.com.au/finance/tax/41486-ato-data-matching-targets-online-selling">Australian Tax Office</a> is a large federal government agency that comprises about 15% of the Australian Public Service, and has around 24,000 people in more than 60 locations around Australia. It’s a large organisation by any measure. Reinventing any entity that large is no mean feat – and it won't happen quickly.
Some may question why a country of 23 million people needs a tax agency that large. Well, our tax system is complex (way too much so), and the ATO has many taxes to administer. However, while the size itself of the ATO is one thing, how it operates is a whole other issue.
Tax Commissioner Chris Jordan is looking at how the ATO can reinvent itself to make it simpler and easier for people to comply with their tax obligations and to make the ATO a more responsive and “user-friendly” agency. These are not platitudes from the Commissioner; he means it.
In a recent speech, the Commissioner said that with the Coalition government's "open for business" mantra, the push for productivity increases and de-regulation, the ATO must be able to show improvements in efficiency and reductions in red tape. Jordan said he has promised government he will do everything he can "to improve the tax and super experience in Australia – making it simpler and easier to comply". He said he has also promised to change the culture of the ATO and is required to report back to the Assistant Treasurer regularly on that front.
The Commissioner said that building trust in tax administrations was critical to the success of tax systems.
Jordan said that when he was asked to take on the role, he was aware of feedback that despite best intentions, the ATO had become isolated from some of its key stakeholders and segments of the community. Jordan said he knew that trust and confidence needed to be lifted and he was asked to work on relationships with government, other agencies, and, SMEs will be glad to hear, the business community.
The Commissioner said his "fundamental belief is that in order to deliver to government, the ATO must use its power legitimately, build trust in its judgment and demonstrate fairness and integrity". He said the ATO has to design and operate a system for the majority of taxpayers who do the right thing,rather than for the few who don't [Commissioner's emphasis]. Jordan said the ATO was asking itself "how do we design the system so that it suits the 95%, rather than a system designed for 5%?"
The Commissioner said the ATO’s answer to this complex situation is to reinvent itself, transform how it goes about its core business, and make it a contemporary and service-oriented organisation. He acknowledged that reinventing the ATO is a long-term journey — recognising that building trust in a tax administration is not a simple or quick effort.
Jordan said the ATO has to build on the positives of its culture like commitment to its role, to service and taxpayers, integrity and ethics, but, in a frank assessment, he said the ATO also has to “acknowledge the negative aspects of our culture like risk aversion, righteousness, silo mentality and bureaucracy”. SMEs and their advisers would certainly agree.
Jordan said the ATO's approach to accountability needs to change – "to be simpler, clearer and connected to reward and consequence". He said the ATO's measures "have to include views from others and be related to effectiveness and outcomes…We must put a much greater emphasis on how others judge our performance."
Integrity is about character, Jordan said. In terms of the ATO and the tax system, he said  it is about doing the right things consistently by all of the ATO’s stakeholders (e.g. government, business, taxpayers generally) — “safeguarding and future-proofing the system on behalf of the Australian community and dealing with taxpayers in a way that is fair and right in the long run”.
The Commissioner said these thoughts have helped shape the ATO’s strategic directions.
Recognising that time is money for all businesses, Jordan said the ATO is focusing on early discussions between the taxpayer and relevant tax officers responsible for making decisions. These early, face-to-face talks, he said, aim to get to the core issues more quickly and short-circuit unproductive paper wars between the parties. SMEs will no doubt be delighted if the paper war can be won!
The ATO is also seeking to bring to a sensible close unnecessarily long running cases and audits — “recognising when we reach the point of diminishing returns or an impasse”, the Commissioner explained. Of course, if agreement or settlement cannot be reached, the courts will need to decide. In a refreshing stance, the Commissioner said that continuing dialogue for five years or more is not productive, prevents closure and damages trust.
The ATO is at the centre of the tax world in Australia. It deals with millions of taxpayers and their tax issues every day. Overshadowing all of that is the tax law. The Commissioner said it is important to him that the ATO is able to influence law design. He said the ATO has the advantage of seeing what works and doesn’t in practice and can use those insights to advise Treasury. The ATO’s new Integrated Tax Design Unit seeks to ensure requests to Treasury are prioritised and presented from a whole-of-system perspective. Jordan said there is limited capacity to change law and the ATO is looking at other ways to resolve issues.
Seeking the community’s perspective through consultation – knowing what problems exist and their ideas for possible solutions is, in the Commissioner’s view, vital in order for the ATO to provide the right advice to Treasury.
SMEs and businesses generally have avenues to make their views known, for example as I explained in my recent article about the Inspector-General of Taxation’s new work program. And the ATO itself is asking small business owners to join its new small business consultation panel to help boost the ATO’s small business expertise. In addition, the government has asked the Board of Taxation to identify features of the tax system that are hindering SMEs.
There is a lot happening at the ATO and in the tax system. The Commissioner says he is “going to do what I can to make improvements to the tax and super experience by reinventing the ATO”.
“I want the ATO to be trusted and respected…where people choose to comply and we make it as painless as we can. In the end, I want confidence in the ATO and the tax system so that there is conscious willing participation, hopefully higher than the current 95%.”
Can the ATO reinvent itself? The sceptics may have doubts, but the Commissioner is clearly serious and appears intent on giving it “a red hot go”. He has already got some runs on the board, so watch this space.
Terry Hayes is the editor-in-chief of tax news reporting at <a href="https://www.thomsonreuters.com.au/" target="_blank">Thomson Reuters</a>, a leading Australian provider of tax, accounting and legal information solutions.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany.</a>
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thayes-XhNcNKLNWa

Can the ATO reinvent itself? The push for a more “user-friendly” tax agency

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The increasing expenditure associated with Australia’s ageing population will necessitate reforms to the country’s taxation system, according to the latest Economics Group Research Note from the Housing Industry Association of Australia (HIA).
With the number of Australians aged 85 and over projected to grow from 455,000 to 1 million in the next 25 years, the country’s working population is expected to decline in relation to the number of senior financial dependents. The country's shifting age demographics are likely to intensify public expenditure pressures, with HIA claiming that the residential construction sector will play a direct role in Australia’s response to the ageing population.
Currently, the Public Budget Office estimates that the structural budget balance will remain in deficit in 2016/17. As such, in its report HIA advocates a series of structural taxation reforms extending to the housing construction sector to help manage Australia’s shrinking taxation base.
The report states that new housing is Australia’s “most heavily and inefficiently taxed sector”, contributing about $40 billion 11% of total taxation revenue per year across all levels of government.
“Taxes on new housing are not only excessive, but are disproportionate relative to the rate of taxation on other sectors of the economy – the average tax burden on the residential building sector is estimated at around 31% of the value of output, which compares to an economy-wide average of 24.4%,” writes HIA in the report, titled Housing: Paving the Road to Recovery?
Citing the 2010 Ken Henry Tax Review, HIA also criticises stamp duties as inefficient and providing a disincentive for older Australians to move to more appropriate dwellings. In the final recommendations of Australia’s Future Tax System, Henry advises that “ideally, there would be no role for any stamp duties, including conveyancing stamp duties, in a modern Australian tax system”. Instead, the review recommends a broad land tax.
HIA’s report also raises the issue of providing adequate housing stock to meet growing demand. Pointing to legislative barriers to housing supply, the industry body claims there is a shortage of housing stock and inflating home ownership and rental prices.
Although housing supply is largely regulated by state and local governments, HIA claims that the federal government can take action to increase new housing stock, such as tying funding to public and social housing delivery benchmarks.
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jrichardson-uRX5hFdKfN

Housing taxation reform required to deal with ageing population: HIA

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If you’re thinking about buying an investment property before the end of this financial year then you have just three months to go.
While purchasing property should never be rushed, if you’re considering the purchase of an investment property before 30 June, you should be sorting out your finances and looking at suitable properties now. This is particularly the case for first time investors.
More seasoned investors might choose to leave it to the last minute and hurry their purchase before 30 June simply as a strategy to claim the allowable tax deductions associated with the investment during this tax period.
Most people, however, wouldn’t be inclined to do that because it could mean that as a buyer they have not had adequate time to properly research the market in terms of price, rental returns, availability of stock, etc.
<blockquote>
There is no such thing as 'the best place to invest', what matters most is that you follow the best ways to invest.
</blockquote>
Experienced investors tend to always keep an eye on the market and allow themselves plenty of time to select the best possible property for their needs, expectations and budget.
If you’re a first time investor and perhaps been thinking about buying for a while, then now is the time to be talking to professional financial advisers about your aspirations and opportunities.
You should also be considering the areas in which to invest and plan to inspect suitable properties.
Remember to factor state government stamp duty into your purchase costs and to keep a clear record of this. When you sell the property in the future the stamp duty along with some other costs, such as agent’s and settlement fees, are tax deductible.
For full details on this read the information on <a href="https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Investments,-including-rental-properties/Rental-property-expenses/" target="_blank">rental properties at the Australian Tax Office</a> website.
I am often asked by members of the public to give them a tip as to, “the best place to invest.”
There is no simple answer to this, it depends entirely on your budget and what you want your investment property to do for you.
Are you focused on rental returns, capital growth, land prices, development opportunities or tax deductions? Do you have cash or need finance? How long do you intend to hold this investment?
There is no such thing as 'the best place to invest', what matters most is that you follow the best ways to invest.
That means getting competent financial advice from professionals to determine your budget and loan and then talk to some agents about opportunities in the areas that suit your portfolio plan.
If you are pressed for time but want to purchase before 30 June, or just lack confidence as a prospective investor, then you may want to consider engaging the services of a buyer’s agent to help you through the process with expert guidance and suggestions.
This article was originally published on <a href="https://reiwa.com/" target="_blank">reiwa.com</a>.
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dairey-MVZf5ZguQC

Investors need to make their move before 30 June

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RE/MAX Western Australia’s managing director Geoff Baldwin has spoken out against potential changes to current stamp duty dispensations for first home buyers, saying that if the relief was decreased or abolished there would be dire effects across the market.
 “The negative affect the ceasing of stamp duty relief for first home buyers would be extremely damaging however, when this segment of the market stagnates it ripples up through all price ranges and the effect would be crippling”, said Baldwin.
“If you take a line through New South Wales and Victoria where subsidies have been abolished, first home buyer activity has dropped to 8% and 12% respectively, compared to the current 22% in Western Australia (RP Data).
“Historically, in a healthy market, first home buyers account for around 25 to 30% of all buyers.
“The established home market has already taken a massive hit through the government’s recent actions in changing the First Home Owner Grant whereby those building new homes receive $7,000 and people buying established only $3,000.
“To abolish first home owner stamp duty concessions would be extremely short sighted as it will a negative impact the whole market and hence the Industry, just at a time where we are again experiencing some prosperity in the property sector.”
 
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Rumoured cuts to stamp duty relief for first home buyers would be “extremely damaging”: RE/MAX

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GUEST OBSERVATION
One of biggest issues to be addressed in last weekend’s WA Senate poll - and perhaps one of the most complex, too - was how best to maintain the state’s growth trajectory through the forthcoming period of transition.
Western Australia has undeniably seen the benefits from sustained economic growth over the course of the resources boom, with the state’s per capita gross income rising to around 50% above national levels in little over a decade.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/45584/width668/2z8jq8pc-1396569575.jpg" alt="">
Real per capita Gross State Income: WA and Australia, 1992 to 2013
However, the latest economic data does support the view that the WA economy has passed the peak of the construction phase of the commodities boom (characterised by growth in productive capacity, high employment and real wage growth). It is now moving to a production phase in which the state’s productive capacity is “put to work” in driving resource volume and export growth.
Early signs of this transition can be seen in reduced capital investment growth, lower participation and rising unemployment. WA’s unemployment rate has almost always been below the national rate, but there are signs that the unemployment and participation gaps are narrowing.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/45580/width668/pkb3vxgg-1396569393.jpg" alt="">
Unemployment and labour force participation: WA and Australia, 1991–2013
Relatedly, the changing workforce and skills requirements for WA require careful thought. Skilled migration, whether from interstate or from overseas, can only do so much to meet the changing demand for labour in the state. The shifting industrial composition also requires an education and training system flexible enough to retrain WA workers to match the needs of industry.
Housing policy was also an important battleground in this weekend’s elections.
Industry group affordability indicators published recently suggest that WA isn’t significantly out of line with other states and territories. However, most of these measures dwell on cost burdens for the “typical” family and house, disguising some big economic and social issues facing policymakers.
The Perth housing market has a real problem providing affordable rentals to low income families, or the right types of properties in the right locations. The housing sector points to high construction, regulation and approvals costs as the main impediment to the efficient supply of affordable housing. Whatever the cause, these issues are common topics of conversation for West Australians.
Australia raises proportionately more in direct taxation than the OECD average (around 60%, two thirds of which is personal income taxation) but significantly less from indirect taxes (mainly GST) - 13% against an OECD average of around 19%.
Federal Treasury secretary Martin Parkinson this week rehearsed the positive arguments for shifting the balance of income taxation and GST more towards the latter, but the context is not textbook. If you had to raise more revenue as a government to honour public spending commitments on NDIS, health and schools reform, support the ageing baby boomer population, and defend against falling terms of trade, which would you choose?
<blockquote>
Housing policy was also an important battleground in this weekend’s elections.
</blockquote>
The subtle increases in direct tax revenues through fiscal drag can stretch only so far, and more overt increases in company or personal income taxation face strong political headwinds. It does seem unnecessarily restrictive for the Federal government to deliver effective tax policy in more challenging economic times with its GST hand tied behind its back. However, consumption taxes may be more efficient, but they’re more regressive too.
WA households have experienced significant real incomes growth over the course of the resources boom, not just in absolute terms but relative to the national trend. But this growth hasn’t been distributed evenly, and the impact of an increase in GST tends to fall regressively on lower income earners who are less able to substitute away from consumption.
With the falling allocation of the GST wealth share to WA - down to 4.2% - placing more pressure on the state’s spending program, there is a need to ensure that economic policy responses don’t contribute to further increases in inequality beyond those already seen.
When it comes to GST shares, it’s hard to argue that WA gets out what it puts in. However, whether the GST return to WA is “fair” (or at least reasonable) depends on the position one takes on the redistributive philosophy underlying the allocation of GST shares across states and territories.
Alan Duncan is director of the Bankwest Curtin Economics Centre and Bankwest Research Chair in Economic Policy at Curtin University.<img src="https://counter.theconversation.edu.au/content/25135/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">
The Bankwest Curtin Economics Centre is an independent economic and social research organisation located within Curtin Business School at Curtin University. The Centre was established in 2012 with support from Bankwest (a division of Commonwealth Bank of Australia) and Curtin University. The views in this article are those of the author and do not represent the views of Curtin University and/or Bankwest or any of their affiliates.
The views in this article are those of the author and do not represent the views of Curtin University and/or Bankwest or any of their affiliates.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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jake-cSmGT7VXVf

Enough talk: the economic policies that WA needs now

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Taxpayers could be hit with an extra $32.5 billion in tax in the next decade, unless the federal government make changes to personal income tax brackets, according to a new report.
Research commissioned by The Australian and conducted by the University of Canberra found if there are no changes to the personal income tax brackets, the number of people paying the top tax rate would increase by 134% in the next 10 years to just under 900,000 people.
The number of Australians paying the second highest rate, 37 cents for the dollar, would jump by 85% to 3.7 million.
This article first appeared on <a href="https://www.SmartCompany.com.au">SmartCompany</a>.
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yredrup-o4Anfe78KF

Millions of Australians to face higher tax brackets

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Vacant land and new residential communities are appearing regularly, particularly on Melbourne's outskirts and in other cities where land is in no shortage of supply.
Stephen Thompson, Allworth Homes' managing director, said that this makes it a good opportunity for investors, who should consider building a new home as their next investment.
"It is a lot easier than perceived and will give you many benefits along the way," he said.
"Building a new home gives you a blank slate to work with, allowing you to choose all of the decorative features that you prefer. New means low maintenance and more energy efficient as a result of being constructed with the most up-to-date materials, saving you money in the long run."
These are the reasons he provides 'for' purchasing a new home:
<ul>
<li>It’s not as hard as you think. Investors can have minimal hands-on involvement throughout the process and deal directly with the builder to purpose build what they want on their land. 
</li>
<li>Choose the best block. Most builders will assess your block of land free of charge. Or select from land the builder may have already assessed as suitable. 
</li>
<li>Choose the design. Think about what your ideal tenant would want and choose a design to suit. Choose how many bedrooms, bathrooms and even living areas. There are multiple options to choose from when you building new. 
</li>
<li>New homes command top dollar rental. People want to be a part of something new. A brand new property in a great location is super attractive to potential tenants. 
</li>
<li>Capital gain. Selecting a block and builder yourself means you’re the one that will enjoy the capital gain when it comes time to selling the property. 
</li>
<li>Tax advantages. Depreciation allowances apply on the building and also some home contents. Investors should consult with their finance professional to determine their exact tax advantages. 
</li>
<li>Lower ongoing maintenance cost. Big repair bills are a negative to your bottom line and viability of the property as an investment. 
</li>
<li>Save money. Do a little legwork and cut out the middle man. Investor buyers are paying a premium for ready-built.</li>
</ul>
However, there are also substantial advantages for buying established properties.
Here are Property Observer's reasons 'for' buying established property:
<ul>
<li>Usually obtain a discount. You are dealing with a home owner, or investor, usually - rather than a developer. This means you can negotiate down the price, and offer other attractive items, such as a different settlement period, to help secure the deal. 
</li>
<li>You know what it is from get go. It's already there, and there's no messing around. The builder won't do the dodgy on you, and you move in knowing upfront how big it looks and feels and what is included. 
</li>
<li>Renovation potential. Not only can you buy properties that need work for under market value, and face less demand, but you'll also find yourself able to do them up, or sometimes DIY, with any funds you have left available. This will increase the value and, if done well, save you money. 
</li>
<li>Timing. You can buy that house and have the settlement period down as quickly as arranged. When building, there can be unexpected delays or time blow-outs - and you have to wait until completion. 
</li>
<li>Can buy in a built up area. You might not want to buy in an area that's open for development, and this can prompt problems if you're looking for a new place, however established properties are available. You'll need to double check if the area's supply is going to be increased beyond balance by any new developments or house and land estates. 
</li>
<li>Tenants may be in situ. Regularly, properties go onto the market with a tenant already in the house, or a recent history of rental that you can get a gauge of market demand from.</li>
</ul>
Do you prefer new or established property?
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jduke-EHk3XBmHkn

Buy established or buy new? The arguments for both sides

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An independent depreciation assessment of the four apartments up for auction next week has identified significant potential deductions for The Block’s buyers.
BMT Tax Depreciation has undertaken a depreciation assessment on each of the <a href="/news">Albert Park</a> apartments completed on this season of The Block and found that each offers major deduction opportunities, with potential first year deductions of about $50,000.
According to BMT Tax Depreciation managing director Bradley Beer, the renovated properties could be underlying goldmines for buyers. 
"An investor purchaser could claim a minimum of $46,281 and a maximum of $53,995 as an average first year depreciation deduction for one of the four properties," said Beer.
Beer says that despite legislation allowing all owners of income producing property to claim depreciation deductions for the wear and tear of their property and its contained assets, 80% of property investors fail to take full advantage of their depreciation deduction entitlements.
"Investors who don't claim depreciation are missing out on thousands of dollars in their pockets," said Beer.
BMT Tax Depreciation also prepared depreciation reports for the 2012 and 2013 Block properties.
The four apartments on O’Grady Street in Albert Park will be auctioned on Tuesday April 8, with the results airing on Channel 9 on Wednesday April 9.
 
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Hidden depreciation opportunity for The Block: Fans v Faves properties

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Modern governments believe that during budget framing, it is politically savvy to parade the pain. We saw it with Labor and the Coalition is doing the same.
There are scary scenarios of what would happen without remediation, with warnings about problem areas. Some surprises will be held for the night, but other measures will be strategically “leaked” beforehand.
Tony Abbott, in Perth campaigning for the West Australian Senate election, let it be known he was chairing Wednesday’s meeting of cabinet’s expenditure review committee.
Shadow treasurer Chris Bowen declared it was the first time in Australian history a PM had chaired the ERC, claiming it showed dysfunction at the highest level.
This was nonsense. The government could quickly counter that Bob Hawke, John Howard and Kevin Rudd had also done so.
But it was surprising Abbott gave such a high profile to this “razor gang” meeting.
The ERC is all about nasties and, after all, Labor is making the prospect of deep budget cuts a centrepiece of its WA Senate campaigning. Abbott seemed to be providing ammunition. On the other hand, he could take the view Labor had the bullets anyway so he might as well play the longer game.
Treasury secretary Martin Parkinson publicly chimed into the pre- budget debate with a speech reinforcing the government’s lines about spending growth in the big areas.
But Parkinson also sent a public message to the government for later about what it should do on taxation.
With Hockey shining attention on health and pension costs, Parkinson documented the escalation.
Total Commonwealth spending on health is set to rise from $64.7 billion in nominal terms in 2013-14 to $74.6 billion in 2016-17, and to $116 billion in 2023-24.
The Commonwealth’s three main pension payments - for the aged, those on disability support and carers – will grow at an annual 6% in nominal terms over the forward estimates, adding $13 billion to annual payments by 2016-17, and another $39 billion by 2023-24. “Of this nearly $52 billion in additional payments in 2023-24, compared to 2013-14, over half is a result of indexation with the remainder due to increases in the number of recipients.”
That seems a fair hint that both drivers are being looked at. It should be remembered that successive governments have been trying to curtail the numbers on the disability pension but it has seemed a losing battle. It’s never as easy as it looks in theory.
Parkinson then turned to the tax side. His argument, aimed well beyond this budget and directed squarely at the political masters he will leave in December, is crystal clear. Australia needs a tax system it relies more on indirect tax, less on direct tax. The king of indirect taxes is, of course, the GST.
Parkinson pointed to one rather surprising fact, given the tax debates we’ve been through over many years. “Despite reforms that broaden the tax base (such as the GST), and decisions that have lowered corporate and personal tax rates across the decades, the share of direct and indirect taxes (as well as Australia’s reliance on income taxes) has changed little since the 1950s.”
Australia had relatively high reliance on direct taxes as a proportion of revenue raised compared with other OECD countries, he noted, before observing that: “Research consistently says that reduced reliance on income taxes and increased reliance on other, more efficient sources of revenue, including indirect taxes, can support higher growth and higher living standards by increasing workforce participation and lifting productivity.”
The problem is that “without conscious change, Australia’s tax mix will move in the opposite direction as personal income tax increases through fiscal drag”.
“We will move even further in this direction if, as we anticipate, the relative share of total indirect taxes (including GST) continues its long-term decline. Contributing to this decline is the non-indexation of fuel excise (unlike other excise rates) and a rising proportion of consumption outside the GST net, for example, in increased health expenditure.”
Parkinson warned that “continued increases in the personal income tax burden will hit lower and middle income earners with higher marginal and average tax rates. This will have adverse labour force participation impacts, while sharpening incentives for tax minimisation by higher income earners”.
The globalised economy meant Australia would be under pressure to cut the company tax rate.
“Given the pressure to return fiscal drag and to reduce the burden of corporate income tax, it will be a challenge to maintain the current levels of revenue over the medium term, let alone the increases required to achieve the budget projections.”
In the past, Parkinson said, tax reform had largely been pursued through broadening tax bases as an offset for lowering tax rates.
“However, a key challenge for the upcoming White Paper on Taxation will be to consider the mix of taxes, including whether there is a role for a greater contribution from indirect taxes.”
The opportunity were there to plot a path to a better tax system and the dangers clear if it was not done.
“If we do not start making these changes and simply keep drifting along we will be increasingly vulnerable to the next global crisis and will also lose out on the opportunities presented by the rising Asian middle class. The exceptionalism of this ‘lucky country’ will become just a distant, ironic memory and our children may really end up ‘doing it tough’”.
So there you have it. Parkinson, axed by the government (though extended until year’s end) won’t be around for the battles after the white paper, which has a long time table.
But he has signposted another lot of unpalatable truths. In terms of painful decisions ahead, this budget is only the start of it for the Abbott government, which hates the idea of tax increases, fears the politics of a robust debate about needing a higher, broader GST and has promised to take any major tax changes to the election.<img src="https://counter.theconversation.edu.au/content/25161/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">
Michelle Grattan is professorial fellow at the <a href="https://www.canberra.edu.au/" target="_blank" style="line-height: 1.3em;">University of Canberra</a>.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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