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Property Sales and Leasing Land Tax Relief Announcement

By | 28/04/2020

land-tax-relief-announcement_feature

Land Tax Relief Announcement
– Apply from 1 May 2020

Land Tax Relief AnnouncementWe just wanted to inform you of a Land Tax Relief measure being offered by the State Revenue Office Victoria.

Subject to meeting the eligibility criteria listed below, you can access a 25% discount on the land tax for each eligible property.

The requirements are:

  • All or part of your property must either be rented or available for lease;
  • Your Tenant’s ability to pay their rent, or your ability to secure a tenant, has been affected by the COVID-19 pandemic;
  • You must have provided the affected Tenant rental relief. The rent reduction (in dollar terms) must be at least 25% of the 2020 proportional land tax for that property;
  • The Tenant must be eligible for the JobKeeper payment; and
  • The Tenant’s annual turnover must be under $50m.

There appears to be no Site Value limitations.

The relief is also available to land owners who are unable to secure a tenant because of COVID-19.

If you have multiple holdings, then the 25% saving is only available for the eligible property(s).

The remaining Land Tax (or unpaid balance) can be deferred to March 31, 2021.

In order to apply for this relief you must register through your ‘My Land Tax’ portal account with the SRO. The SRO will accept applications from this Friday May 1.

We strongly recommend eligible landlord’s apply for this relief.

Further information is available from the SRO here:
https://www.sro.vic.gov.au/frequently-asked-questions-response-covid-19

Nick Breheny

Written by Nick Breheny 

"Nick commenced his career in the Eastern Suburbs and brings over 30 years’ experience in commercial property sales and leasing with an emphasis on development sites and investment property."

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