Land Tax concessions for COVID-19 Announced

Land Tax
Posted on.
By Watkins Tapsell.

The State Government has announced Land Tax concessions as part of a wide range of support measures designed to help those in need and to support jobs and business.

The concession form is available online and landlords are encouraged to apply before 31 October 2020.

What relief is available?

Landlords providing rent relief for eligible tenants in financial distress due to COVID-19 can now apply for land tax concessions.

The Minister for Finance and Small Business Damien Tudehope said:  

“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. The land tax concession is expected to be divided approximately 50-50 with around $220 million going to the commercial sector and a further $220 million expected to benefit the residential sector”.

Are you eligible?

To be eligible, you’ll need to: 

  • be leasing property on your parcel of land to: 
    • a commercial tenant who has: 
      • an annual turnover of less than $50 million, and
      • lost 30% or more of turnover due to COVID-19. 
    • a residential tenant who has lost 25% or more of household income due to COVID-19.  
  • have reduced the rent of affected tenants for any period between 1 April 2020 and 30 September 2020. 
  • have provided the rent reduction without any requirement to be paid back at a later date.  You are not eligible for this relief if the rent reduction is required to be paid back. 
  • have a 2020 land tax liability that can be reasonably attributed to the parcel of land where the rent reduction has been given.

If you require assistance please contact our Commercial Business team or for more information on the COVID-19 2020 Land Tax relief package, click here.

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