INDUSTRY NEWSNew South WalesNEWS

Application date extended for land tax relief scheme

NSW landlords who reduced their tenant’s rent due to COVID-19 can still apply for the NSW Government’s land tax relief, with the submission date now extended until December 31.

Relief is available to commercial or residential landlords whose tenants can prove financial distress due to COVID-19, and who have reduced their tenant’s rent for any period between 1 April, 2020 and 30 September, 2020.

Commercial tenants must have an annual turnover of less than $50 million, and have lost 30 per cent or more of turnover due to COVID-19.

Residential tenants need to have lost 25 per cent or more of household income due to COVID-19.

It is only available to those landlords who provided the rent reduction without any requirement to be paid back at a later date.

The relief available may reduce up to 25 per cent of  a landlord’s 2020 land tax liability,  allow them to defer their land tax payments by up to three months, provide a refund on the amount of rent reduction a landlord has  given a tenant, or reduce the amount of 2020 land tax payable if the landlord has not yet completed payment.

Landlords can apply for the relief scheme here.

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