NSW Land Tax Relief

Following the NSW Government announcement of land tax relief for commercial and residential landowners they have now opened the application process.

Landowners will be able to apply for up to a 25% reduction of their 2020 land tax that was issued earlier this year, if they have provided rent relief to tenants.

To be eligible for rent relief the commercial tenant needs to have an annual turnover of less than $50 million and meet a reduction in income test similar to the JobKeeper(30% drop). For landowners with residential tenants, there needs to be a reduction in tenant household income of 25% or more.

To apply you will need to do this through ServiceNSW rather than the usual Land Tax portal.

ServiceNSW recommends that the landowner complete the process. You will need to complete a proof of identity process, have your land tax notice handy as you will need some details and supporting documentation to submit with the application. Don’t be surprised if they require further detail.

The following provides a link to the detail and application process; https://www.service.nsw.gov.au/transaction/apply-covid-19-land-tax-relief?q=transaction+apply+covid+19+land+tax+relief

For further guidance or discussion please contact your advisor at Maxim.