2021 Land Tax COVID-19 Relief

2021 Land Tax COVID-19 Relief

1 July 2021 to 31 December 2021

Overview

• Available to commercial and residential landlords in respect of their 2021 land tax liability
• Available if a reduction in rent is provided to an Eligible Tenant between 1 July 2021 to 31 December 2021

HOW MUCH

• Land tax relief will be the lesser of:

• • the value of rent reductions provided to a tenant for that period, OR
  • 100 per cent of the land tax attributable to the parcel of land leased to that tenant.

HOW WILL IT BE PAID

Land tax relief will:

• be paid to you as a refund if you’ve already paid your land tax
• be used to offset the balance of the amount of land tax payable if you have not yet completed payment.

Eligible tenants

Commercial tenants

• Reduction in turnover compared to a previous comparable period of 30% or more
• Annual turnover of up to $50 million; AND
• Eligible for one or more of the following grants:
• Micro-business COVID-19 Support Grant
• 2021 COVID-19 NSW Business Grant
• JobSaver Scheme

Residential tenants

• Reduction in household income of 25% or more

Any rent relief provided to a tenant must not be required to be paid back at a later date.

Links

• Revenue NSW: COVID-19 and land tax

Please call your contact Manager at Economos if you would like assistance.