NSW Cultural Tax Reform to Boost Creative Energy
Property Council NSW Executive Director Katie Stevenson said smart tax reform could make it easier for creative organisations to access affordable space in cultural hubs across the state.
“Creative industries bring our cities and precincts to life, but too often they are priced out of the very places where they add the most value,” Ms Stevenson said.
“Targeted reforms – like land tax exemptions for landlords leasing at affordable rates to creative tenants can help open up new spaces without adding unnecessary red tape,” she said.
The Property Council’s submission cautions against punitive measures like vacancy taxes, arguing instead for reforms that encourage investment and collaboration between the property and creative sectors.
“Vacancy taxes ignore the complexity of commercial leasing and risk creating market distortions and more red tape. Incentives, not penalties, are what will unlock new space for creatives,” Ms Stevenson said.
“Buildings often sit empty for good reasons – compliance upgrades, heritage or fire remediation, change-of-use applications or a forthcoming development assessment. Punishing vacancy won’t solve the problem – but providing the right incentives could create momentum.
“Our members build and manage the places where people work, live and connect, and want to see creative organisations thriving in those same spaces, driving vibrancy and economic growth,” Ms Stevenson said.
The Property Council’s recommendations to the NSW Government’s cultural tax reform discussion paper include:
“Tax reform is always sensitive but done right it can create win/win outcomes – helping NSW retain its creative talent, grow jobs, and strengthen our cultural and economic future,” Ms Stevenson said.
https://www.propertycouncil.com.au/media-releases/smart-cultural-tax-reform-can-unlock-creative-energy-in-nsw