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Legislative Assembly for the ACT: 1998 Week 9 Hansard (19 November) . . Page.. 2744 ..

. the remission of the change of use rights charge (applicable until 30 June 1999);

. the waiver of stamp duty for the sale of residential units valued at less than $250,000 and for the sale or sub lease of space in buildings for other uses (applicable to 30 June 2001, subject to the building application being approved by 30 June 1999); and

. the waiver of the lease variation component of the Development Application fee (to cease on 30 June 1999).

In relation to the waiver of stamp duty, it is a once only waiver for the first sale or sublease of a building. It is not the developer who gets the stamp duty waiver but the lessee or purchaser and the incentive would apply irrespective of who the developer is.

Yesterday, I mentioned three developments, the Holiday Inn, the Melbourne Building and the Waldorf Apartments.

To date, stamp duty waivers approved for the Waldorf apartments are:

Development No of units Total value

Waldorf Apartmts 3 $ 15,320

In estimating how much stamp duty that might be forgone, it is important to bear in mind that there is a cap on the value of residential units of $250,000. For units priced above this amount, no waiver of stamp duty will be granted.

There are units in the Waldorf development which are priced over $250,000. Therefore, any estimate of the total amount of stamp duty likely to be waived which is based on a price average of the units is likely to result in an overestimate.

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