Perth to become a waterfront city, says Premier Colin Barnett

PERTH is to become a vibrant waterfront city, says Premier Colin Barnett, who today unveiled plans for a massive redevelopment featuring an inlet connecting the CBD and the river.

Mr Barnett plans to create a vibrant new area for the city and ‘finally’ connect the waterfront to the CBD.

The centrepiece will be a 2.8ha inlet that will bring the river back to near its original shore line. 

The inlet will be surrounded by landscaped terraces, boardwalks and promenades, and fringed by shops, cafes, restaurants, bars and other activities.

 “The Swan River – our greatest natural asset – is effectively cut ff from the city by Riverside Drive and by an expanse of lawn,” said Mr Barnett at today’s unveiling.

“Other major Australian cities have done far more with much less.  This will assist Perth to mature as a vibrant, sophisticated capital city, providing an attraction for locals and tourists.” By removing a section of Riverside Drive, the development encourages the use of public transport, taking advantage of the nearby Esplanade train station, Busport and commuter ferry services. Some changes to existing roads will be made to create more pedestrian-friendly routes.

Mr Barnett was joined by Planning Minister John Day,Tourism Minister Liz Constable and Lord Mayor Lisa Scaffidi at the unveiling.

The development will cover nearly 10ha, focused between Barrack and William streets.

“The development is designed for pedestrians and cyclists – not cars,” said Mr Barnett:.

“It will be an attractive destination for families, young people, city workers, national and international tourists and seniors to gather and enjoy.

“The State Government will take the lead on this development, along with Perth City Council, and we will be looking – indeed asking – the private sector to join with us.  I am also confident the Federal Government will be supportive.”

Mr Barnett said there was significant work to be done on road realignment, drainage and dredging but preliminary works would begin as soon as possible, with major construction starting in 2012.

The plans signal a new era of city building, as a logical and seamless extension of the city.  Together with The Link, major works to the Cultural Precinct and other CBD projects, the city’s axis will be redefined through the strengthening of the Barrack and William streets links.

In addition, Howard Street and Sherwood Court will provide direct links between St George’s Terrace and the waterfront, enhancing the capacity for these laneways to become vibrant places with shops, cafes and small bars.

The inlet, designed to reflect the historical characteristics of Perth Port, will have room for public boat mooring facilities.

At the heart of the new inlet will be an island, a landscaped parkland offering a unique experience for visitors. This family-focused destination will provide opportunities for relaxation in sheltered open spaces with 360 degree views of the surrounding city.  It may also include a safe, child-friendly beach and swimming areas.

Land at the foot of William Street has been preserved for a significant public building.  The Government’s preference is that this building be a national centre for indigenous art and culture, providing a major focus for the project.

Event spaces will be dotted throughout the waterfront, including a public square next to the Esplanade train station, the promenade, the island and a new road which can be closed to accommodate events.  Larger events will be held at the Supreme Court Gardens, which will be improved under the plan.

 There is also the potential to include a swimming pool, which could be an attractive recreational asset for city workers.

Full details of the Perth Waterfront concept plan can be found on the PlanningWA website at http://www.planning.wa.gov.au/waterfront 

Source  :  www.news.com.au

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ATO warns SMSFs to keep deals at arm’s length

The Australian Tax Office has issued a warning to self-managed super funds (SMSFs) about people offering to set up agreements between funds and related parties to purchase assets, particularly properties.

Tax Commissioner Michael D’Ascenzo says he’s concerned some of the arrangements on offer breach the in-house asset rules.

“These arrangements use a paid third party to set up an agreement, sometimes referred to as ‘a joint venture agreement’, between the fund and a related trust to purchase an asset that provides income for the trust and the fund,” D’Ascenzo says.

“This is clearly an attempt to circumvent the in-house asset rules as the transaction is really an investment by the SMSF in the related trust.”

“This alert serves as a timely reminder to trustees that we’re looking closely at SMSFs to ensure they’re meeting their obligations in relation to loans, in-house assets, borrowings and non-arm’s length transactions.”

The Taxpayer Alert (2009/16) on this issue is available from the Tax Office website at www.ato.gov.au/atp.

Source  :  www.apimagazine.com.au

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