COVID-19: Land Tax Concessions for Landlords
On 7 May 2020, the NSW State Government announced land tax relief for landlords due to COVID-19. Landlords providing rent relief for eligible tenants in financial distress due to COVID-19 can now apply for land tax concessions online.
Eligible landlords will be able to apply for a land tax concession of up to 25 per cent of their 2020 land tax liability on relevant properties so long as they pass on the full savings in the form of a rent reduction to their tenants.
Once approved, a concession will be applied to any unpaid 2020 land tax notices, and refunds will be issued for payments already made this year. Those refunds are expected to take up to five days to process once determined.
Landlords can find out more about eligibility and apply for a tax concession online. Landlords are encouraged to complete their applications before 31 October 2020.
Small businesses severely impacted by COVID-19 restrictions may be eligible for the NSW Government’s $10,000 Small Business Support Fund grant and those with a payroll of $10 million or less can get a 25 per cent payroll waiver for 2019-20.
For more information visit: https://www.nsw.gov.au/covid-19/support