Landlords May be Eligible for Land Tax Relief
The NSW Government is providing support to commercial and residential landlords and their tenants through a $440 million land tax COVID-19 relief scheme. The package allows eligible landlords to apply for land tax relief of up to 25 per cent if they reduce the rent of commercial or residential tenants who are in financial distress due to COVID-19 for any period between 1 April 2020 and 30 September 2020.
The rent reduction must be given without any requirement to be paid back at a later date.
We can assist with further details regarding eligibility, what constitutes financial distress and the completing the application.
Contact Doug Basset who is an Accredited Specialist in Property Law for further assistance.