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Welcome to the UDZ TAX INCENTIVE CONFERENCE Day 1 – 18 Aug 05

Welcome to the UDZ TAX INCENTIVE CONFERENCE Day 1 – 18 Aug 05. URBAN DEVELOPMENT ZONE. TAXATION ALLOWANCES S 13quat. Urban development allowances. Apply to both new construction and refurbishment of existing residential/commercial structures after date of notice demarcating zone

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Welcome to the UDZ TAX INCENTIVE CONFERENCE Day 1 – 18 Aug 05

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  1. Welcome to the UDZ TAX INCENTIVE CONFERENCE Day 1 – 18 Aug 05

  2. URBAN DEVELOPMENT ZONE TAXATION ALLOWANCES S 13quat

  3. Urban development allowances • Apply to both new construction and refurbishment of existing residential/commercial structures after date of notice demarcating zone • Applies to owners who build/refurbish for own occupation or rental – not developers. • Requires certificates of occupancy and of locality subject to stringent qualifications • No recapture of allowance if qualifying use terminates within 10 years

  4. Urban development allowances • Erection of new / extension of old buildings • 20% of cost in year of first use • 5% p.a. for 16 years • Improvement of old bldgs (including incidental additions) if original fabric or exterior is preserved • 20% p.a. commencing in year of first use for five years

  5. Urban development allowances – ‘cost’ Includes • demolition,excavation, • Adjoining structures for water, power, parking,drainage,security,waste disposal, access (including frontage)

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