Landlords providing rent relief for eligible tenants in financial distress due to COVID-19 can now apply for land tax concessions online.
Minister for Finance and Small Business Damien Tudehope said the land tax concessions were part of a wide range of support measures designed to help those in need and to support jobs and business.
“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,” Mr Tudehope said.
“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.”
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 and are encouraged to complete their applications before 31 October 2020.
Treasurer Dominic Perrottet said the NSW Government was committed to supporting people, communities and businesses during COVID-19.
“We are doing everything we can to keep people in jobs and businesses in business,” Mr Perrottet said.
“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.”