Many landlords are feeling the negative financial impacts of Australia's actions to ward off the most negative consequences of the COVID 19 pandemic. The New South Wales government is providing some relief to landlords by way of Land Tax concessions.
On 7 May 2020, the New South Wales government announced that "eligible landlords" would be able to apply for a land tax concession of up to 25% of their 2020 Land Tax year (1 January 2020 to 31 December 2020) liability, so long as they pass on the full savings from any Land Tax concession to their tenants by way of a reduction in rent.
An eligible landlord needs to satisfy the following:
More information in relation to eligibility and making an application for a Land Tax concession, visit the NSW Government COVID-19 Land Tax Relief page here.
If a landlord has been approved for a Land Tax concession, the concession will be applied to any unpaid 2020 Land Tax payments, with refunds paid for payments already made for 2020 Land Tax.
The government anticipates that payments will take approximately five days to process once approved.
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This article is of a general nature and should not be relied upon as legal advice. If you require further information, advice or assistance for your specific circumstances, please contact E&A Lawyers.