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States Offer Land Tax Relief To Landlords

States Offer Land Tax Relief To Landlords

  • Thursday, 30 April 2020 16:43

Various state governments have offered land tax relief to landlords with tenants impacted by the COVID-19 pandemic. The benefits of the relief must be passed on to tenants in the form of reduced rents.

WESTERN AUSTRALIA

Commercial landlords in Western Australia who reduce rents of their small business tenants impacted by COVID-19 will have land tax relief via grants paid to the landlords’ equivalent to 25 per cent of their land tax bill. To be eligible, the commercial landlord must provide rent relief of a minimum of three months’ rent and freeze outgoings to small businesses that have suffered at least a 30 per cent fall in turnover due to the pandemic.

SOUTH AUSTRALIA

Eligible commercial or residential landlords will be offered a 25 per cent reduction on their 2019-20 land tax liability on affected properties. They must be able to demonstrate that they have provided rent relief at least equal to the amount of the land tax reduction, since 30 March 2020, or that they will provide such relief up to 30 October 2020.

NEW SOUTH WALES

The 25 per cent reduction in land tax payable is also available to commercial and residential landowners in New South Wales for the 2020 land tax year, who have reduced the rent of their affected tenant by at least as much as the tax reduction.

QUEENSLAND

Eligible landowners will be offered a land tax rebate reducing land tax liabilities by 25% for eligible properties for the 2019-20 assessment year, a waiver of the 2% land tax foreign surcharge for foreign entities for the 2019-2020 assessment year and a 3-month deferral of land tax liabilities for the 2020-2021 assessment year.

 

 

 

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