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The Victorian government has backed down on controversial plans to slug home buyers an up front tax in Melbourne's growth corridors under a new compromise deal. Four weeks after legislation for the growth areas tax was dumped by the upper house, the government has signed a trade-off agreement with the building industry. The deal will enable the government to charge developers $95,000 per hectare to fund infrastructure in new fringe suburbs instead of ordinary home buyers. And instead of paying the tax up front they will pay 30 per cent when they purchase the land and the remainder in stages as the land is subdivided. The details are outlined in a memorandum of understanding signed by the government, the Property Council of Australia and the Urban Development Institute of Australia. It's the model the opposition had been pushing for. The government will now refer the bill to parliament's Dispute Resolution Committee in the hope of pushing the legislation through the upper house. It says that expanding Melbourne's growth boundaries is contingent on the tax being passed. 'This is a vital issue which needs to be resolved and there have been important concessions made by both sides,' Planning Minister Justin Madden said. 'This agreement enables part of the windfall gains from re-zoning land to be secured for future investment in public transport and other community facilities. 'The changes also assist developers by matching the payments to their cash flow in progressing projects.' The committee has 30 days to report back to the parliament before the legislation can be amended and reintroduced into the house. The tax grab had been a thorn in the side of the government, which had already rewritten the legislation once to shift the tax burden from sellers to buyers, amid outcry. Premier John Brumby was left red faced when he claimed to have the building industry on side, when in fact most did not support the charge. When the legislation was toppled in parliament he conceded there was no plan B, instead lashing out at the opposition for blocking measures to accommodate Melbourne's population explosion. COMMENT:about time! This is a change for the good, but will not help Coldstream expand the UGB at this stage. |