Press Release

FOR IMMEDIATE RELEASE

PEAK STRATA BODY AND OWNERS CORPORATION NETWORK SUPPORT TERRITORY ‘RATES FREEZE’

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Thursday 4 July, 2019

Attention Canberra Media

PEAK STRATA BODY AND OWNERS CORPORATION NETWORK SUPPORT TERRITORY ‘RATES FREEZE’

INDUSTRY LEADERS URGE GOVERNMENT TO RECONSIDER AND WIND BACK UNFAIR TAX LOADING ON STRATA TITLE PROPERTIES

The ACT Labor-Greens Government announcement to further financially punish residential and commercial property owners with rate increases up to 11% as part of this year’s state budget presented last week has outraged the strata sector.

The ACT Liberal Party has made a proposal to commit to freezing residential rates if elected.

Industry leaders of the ACT’s peak body for strata and the Owners Corporation Network have joined forces to oppose the Government’s decision.

With astronomical rate rises affecting 53,000 commercial and residential strata title lots, industry leaders are urging all parties to commit to winding back unfair tax loading on strata title properties to protect the future growth of the sector.

Strata Community Association (ACT) President Chris Miller has welcomed the opportunity to collaborate with Owners Corporation Network President Gary Petherbridge, the peak industry body for strata residential owners.

It is hoped their joint response will apply pressure on the ACT Government to give tens of thousands of apartment owners in the ACT a break from massive rate increases.

SCA (ACT) President Chris Miller says, “The ACT Liberal’s pre-election promise to freeze rates would offer strata unit owners a welcome sigh of relief from the current Government’s financially crippling rising rates risking the future growth of the sector.

“With a significant number of apartment owners facing financial hardship under the Government’s current tax system, the ACT Opposition Party needs to make a further commitment to winding back unfair loading on strata units if elected.

“The current Government expects to raise a projected $652 million next year through increased rates, but if it sees apartment market growth and development go backwards, then it will be a classic example of ‘Robbing Peter to pay Paul’.”

OCN President Gary Petherbridge says he backs a proposed rates freeze which would remove rising rates apartment owners and residents are facing under the current Government’s new tax system.

“One of our major concerns regarding the current Government’s rates rises focuses on how a strata community will function, if a significant number of individual owners are facing financial hardship.

“The ACT Liberal Party’s pre-election promise to freeze residential rates for the full term of government is the welcome change Canberra apartment owners need after financially struggling with massive rate increases since 2012.

“Whilst this election promise is the first step in the right direction for Canberra apartment owners to breathe easy, OCN and SCA (ACT) would like all parties to commit to winding back unfair tax loading on strata units if elected.”

Strata Community Association (ACT) and OCN on behalf of all unit owners call on the Government to wind back unfair tax loading on strata units to improve the lives of 100,000 thousand plus residents.

ENDS

About Strata Community Association

Strata Community Association Limited (SCA) is the peak industry body for Body Corporate and Community Title Management in Australia & New Zealand. Membership includes body corporate managers, support staff, committee members and suppliers of products and services to the industry. SCA proudly fulfils the dual roles of a professional institute and consumer advocate.

SCA has in excess of 3,300 members who help oversee, advise or manage a combined property portfolio with an estimated replacement value of over $1.2 trillion. Website: http://stratacommunity.org.au/

(ENDS)

Contact Details

Media Contact:
Chris Miller
President
Strata Community Association (ACT)
0400 376 208


Released by:
Sophie Barrington
Marketplace Communications
0432 972 215
sophie.barrington@teammarketplace.com.au

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