Land Tax Relief
The Victorian Government has announced further land tax assistance for eligible landowners impacted by COVID-19.
In March 2020, commercial landowners with less than $1M in taxable property received a land tax deferral until 31 March 2021.
Since then, a 25% to 50% land tax waiver has been announced with increased eligibility for both commercial landowners and residential landlords.
Eligibility for 50% Waiver (Commercial Landlords)
Commercial landlords who have provided at least a 50% rental waiver to tenants for three months or more can claim a 50% waiver of their 2020 land tax and defer payment of the remainder until 31 March 2021.
Eligibility requirements for your tenants:
Commercial tenants operating a licensed pub, club or restaurant under a general, full club or on-premises liquor licence must have a:
- Turnover no greater than $50M in either the 2018/19 or 2019/20 financial years
- Reduction in turnover of at least 30% since March 2020.
All other commercial tenants must:
- Have a turnover no greater than $50m in either the 2018/19 or 2019/20 financial years
- Be eligible for and participating in the JobKeeper scheme.
In order to apply for the waiver your tenants will need to fill in the eligibility form
Once you have confirmed eligibility for the above waiver, the application process will need to be completed here.
Eligibility for 25% Waiver (Residential Landlords)
Residential landlords may be eligible for a 25% reduction on the property’s 2020 land tax. Eligible residential arrangements include a tenancy agreement, a specialist disability accommodation agreement or a site agreement.
Once you have confirmed eligibility for the above waiver, the application process will need to be completed here.
Eligibility for 25% Waiver (Owner-Occupiers)
Owner-occupiers of commercial properties can claim a 25% waiver of their 2020 land tax and defer the remainder until 31 March 2021.
Eligibility requirements for your business:
Owner-operators operating a licensed pub, club or restaurant under a general, full club or on-premises liquor licence must have a:
- Turnover no greater than $50M in either the 2018/19 or 2019/20 financial years
- Reduction in turnover of at least 30% since March 2020.
All other owner operators must:
- Have a turnover no greater than $50m in either the 2018/19 or 2019/20 financial years
- Be eligible for and participating in the JobKeeper scheme
Once you have confirmed eligibility for the above waiver, the application process will need to be completed here.Further information can be found on the State Revenue Office website.
If you have any questions about eligibility or the application process please feel free to contact us.