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Million homes won’t be revalued after shock decision by Queensland’s Valuer-General

first_imgOnly 22 of Queensland’s 62 rateable LGAs will be valued next year.The decision marked the first time in eight years that the Valuer-General won’t have the capital city in his annual Queensland revaluations.Mr Mountford said “in both 2015 and 2016, landowners in Brisbane’s CBD raised significant concerns with their annual land valuations”.“In 2016, almost 1,200 objections were lodged across Brisbane, 241 of them for properties over $5 million – most of them in the CBD. A similar number were lodged in the previous year. Given this level of debate about statutory valuations in Brisbane in recent years, its clearly an odd decision not to revalue the State’s capital city.”Mr Mountford said major, diverse markets like Brisbane needed to be valued every year “to ensure the tax system remains fair and equitable”.“Has the government made this decision because the State Valuation Service doesn’t have the resources to undertake the task? Or perhaps the State is looking to ensure its land tax revenue is locked in at a certain level for next year? Either way, it’s not the basis of a fair tax system.” Property Council QLD executive director Chris Mountford said the move was not a good look for the state. Picture: Mark CallejaMore from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoMr Bray said the 2018 valuations – to be released in March next year – would involve 492,000 properties making up about 29 per cent of Queensland’s valuation roll.The LGAs that would get new valuations were Banana, Barcoo, Boulia, Bulloo, Central Highlands, Charters Towers, Diamantina, Douglas, Fraser Coast, Gladstone, Gold Coast, Goondiwindi, Hinchinbrook, Isaac, Maranoa, Murweh, Noosa, Paroo, Quilpie, Scenic Rim, Sunshine Coast and Toowoomba.“Valuations are issued annually across the state, except in unusual circumstances or where it is determined there has been insufficient market movement in a local government area to warrant an annual valuation being issued,” he said. HOT AUCTIONS: Brisbane homes selling sight unseen BRISBANE RISING: Surge in capital growth expectations BORROWING: Interest only loans could increase SIGN UP FREE: Get The Courier-Mail ’s real estate news in your inbox Mr Bray said in a statement that where new valuations were not issued in 2018, the most recent annual valuation would stay in force “for rating, land tax and state land rental purposes until the next valuation is undertaken”.But if you’re in the unvalued zones and think that means your rates will stay put next year, think again.“Landowners should remember that land valuations are just one of the factors taken into account by local councils when they prepare their annual budget and set rates to pay for the services they provide to their community,” Mr Bray said.Under the Land Valuation Act 2010 valuation notices have to be issued no later than March 31 in the year that the annual valuation takes effect.“The valuations will be determined as at 1 October 2017, and become effective for rating, land tax and State Land rental (for leasehold land) purposes as at 30 June 2018,” he said. *FOLLOW Sophie Foster on Twitter or Facebook A shock decision by the Queensland Valuer-General will see the state capital bypassed in new property valuations.CLOSE to a million Queensland homes won’t be revalued next year because of a shock decision by the state’s Valuer-General that’s been slammed by the Property Council.Queensland Valuer-General Neil Bray had to defend his decision to revalue only 22 of the state’s 62 rateable local government areas next year, leaving off the list not just the state capital Brisbane but also densely populated areas like Logan, Ipswich, Moreton Bay and Townsville.“The property market survey reports for those LGAs not being revalued showed minimal movement across most market segments. In Brisbane, for example, there were some small pockets that showed some change, however overall the changes did not justify inclusion in the annual valuation program,” he said.But Property Council Queensland executive director Chris Mountford was unconvinced, warning the move raised serious questions about the state’s valuation system – especially when the capital city was bypassed.“A significant number of transactions were undertaken in the 2016-2017 financial year, which would help inform new valuations. On this basis, the Property Council sees no reason for the decision not to value more than 29 per cent of rateable properties across the state.”last_img read more

Further three-year delay on derivatives clearing for pension funds

first_imgEuropean pension funds have received a further three-year exemption from derivatives clearing rules in a move the European Commission claims will save them “up to €1.6bn”.Pension schemes will not be expected to comply with requirements to trade derivatives through clearing houses until 2020, the commission announced yesterday as it unveiled amendments to the European Market Infrastructure Regulation (EMIR).In its proposed amendments, the commission said “no viable technical solution facilitating the participation of [pension schemes] in central clearing has emerged to date”.The delay will give central clearing houses, pension schemes, and other players more time to come up with solutions, the European Commission said. However, Valdis Dombrovskis, vice-president responsible for financial stability, financial services, and the capital markets union, said central clearing for pension funds remained “a clear goal”.He added that the delay would help pension schemes “avoid estimated losses of up to €1.6bn”.The decision marks the third time the European Commission has delayed bringing pension funds into EMIR’s scope. It originally pushed back the deadline by two years to August this year, before adding another year to this revised timetable.A spokesman for PensionsEurope, the continent-wide trade body, said: “The prolongation of the exemption is good news for pension funds. We appreciate that the European Commission has taken seriously into consideration the undue financial burden that would have resulted from [the] clearing obligation when only cash can be used as collateral. Now we need to use these extra years of exemption to find good permanent solutions.”James Walsh, policy lead for EU and international at the UK’s Pensions and Lifetime Savings Association, welcomed the exemption.“This extension recognises that the market has not yet developed a practicable solution for clearing by pension schemes,” he said. “While this development removes the worrying prospect of compulsory clearing from August 2018, it does not present a solution to the underlying problem. Derivatives are an essential tool for pension funds, who use them to hedge their risks and ensure they can pay pensioners.”In a speech announcing the EMIR amendments, Dombrovskis also outlined regulatory effects on non-EU-based central clearing houses, a particularly important issue with the UK’s impending exit from the EU. London is a key hub of derivatives trading in Europe, with the commission estimating that as much as 75% of euro-denominated interest rate derivatives are traded in the UK capital.Dombrovskis said the European Commission was considering whether to require clearing houses “of key systemic importance” to be domiciled within the EU. Alternatively, the commission could request “enhanced supervisory powers” over clearing houses in non-EU countries.He added that detailed discussions on this issue would begin soon, with a view to proposing legislation in June.In addition to the exemption for pension funds, the commission also announced a streamlining of reporting requirements to alleviate the burden on smaller players in the derivatives markets, particularly non-financial companies.last_img read more

Walters preparing to knock Lomachenko out

first_imgNICHOLAS, ‘The Axeman’ Walters, intends to make a spectacular return to the ring when he faces WBO World super featherweight champion Vasyl Lomachenko in Las Vegas on November 26.The 30-year-old former WBA featherweight champion, who fought to a controversial draw against Jason Sosa on December 19, 2015, intends to put that blemish on his unbeaten career behind him when he fights the Ukranian for all the marbles.“I’m going to knock him out,” said Walters, who started training for the fight in September at the Pedro ‘El Rockero’ Alcázar de Curundú Gym in Panama.“I’m training for that. Just like I did to Nonito (Donaire), that’s how I’m going to defeat him.”Walters, who can count the likes of former champions Donaire and Vic Darchinyan among his 11 knockout victims in his last 12 fights, believes he can do the same to the much-heralded Lomachenko who has lost once in his seven professional fights.”Any fighter can be knocked out, no matter who he is,” said Walters.“I like fighting the best and I like fighting against great technical fighters like Lomachenko. (He) is great, he knows what he is doing in the ring. But I always look for a knockout against whomever I fight. If I can do it quick, I will.”Lomachenko enhanced his fledgling, but already impressive reputation in June when he logged a sensational knockout over WBO World super featherweight title-holder, Roman Martinez. (Sportsmax.com)last_img read more