29 Jun '12, 1am

Govt embeds Green Star into Withholding Tax, making (some) green buildings more financially attractive. @gbcaus

The Green Building Council of Australia (GBCA) applauds the Gillard Government for its commitment to Australia’s green building future, with the announcement that a smaller increase to the rate of Withholding Tax (WHT) will be applied to new building projects achieving 5 Star or 6 Star Green Star ratings. The new standard rate of WHT is being set at 15 per cent, doubled from the previous level of 7.5 per cent. However, green building projects constructed after 1 July 2012 and achieving 5 Star and 6 Star Green Star certification will be eligible for a reduced rate of 10 per cent. “We are pleased with the Australian Government’s decision to embed Green Star into the new Withholding Tax rate structure. This represents a massive incentive for foreign investment into new projects that achieve an 'Australian Excellence' rating of 5 Star Green Star or a 'World Leadership' rating ...

Full article: http://www.gbca.org.au/news/gbca-media-releases/withholdi...

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