The Victorian Government has extended the land tax relief measures that apply to multi-tenanted properties, making it easier for landlords to apply for land tax relief.
As Victorians continue to navigate the easing of restrictions, the Government’s decision to extend these measures is welcome news to landlords and businesses. The news comes as part of the extension of the commercial and residential tenancy relief schemes effective until 31 December 2020.
What are the land tax relief measures?
Landlords can now access a discount of up to 50% of the 2020 land tax payable on multi-tenanted property.
The previous eligibility criteria made it difficult for many landowners to obtain any meaningful relief. The requirements have now been eased, such that relief of up to 25% of the land tax may be available where at least one eligible tenant is provided with rent relief. This relief, increases up to 50% where a majority of the eligible tenants at the property have been provided with rent relief.
The new measures should enable more commercial property landlords to access a material discount on their 2020 land tax.
Access your easy-to-understand fact sheet detailing Victoria’s latest land tax relief measures. These are based on the details available at the time of writing from the Victorian State Revenue Office.
What are the next steps?
For more information or for assistance in determining the land tax relief measures available to you based on your circumstances, contact your Pitcher Partners representative.