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Landlords who are providing their tenants with rent relief during the COVID-19 crisis are now able to apply for land tax concessions.
Commenting on the support measure’s launch, the NSW Minister for Finance and Small Business Damien Tudehope said “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”.
The concession was previously announced by the state government in response to the pandemic.
Applications for the scheme can be lodged online, and once approved, the concession will be applied to any unpaid 2020 land tax notices.
Refunds will also be issued for payments that have already been made.
Mr Tudehope said the land tax concession is expected to be divided approximately 50/50 between commercial and residential investors.
Around $220 million is set to benefit each sector.
According to NSW Customer Service, the landlords can find out more about their eligibility for the support measure online.
Landlords are encouraged to complete their applications before 31 October 2020.
Land tax, also known as property tax, is the fee paid on the purchase of a property owned by an individual or other legal entity.
A landlord, also known as a lessor, refers to an individual that owns a leased property.
A tenant, also known as a renter or occupant, is a person or entity that leases space for residential or commercial use.