Are you a commercial and residential landowner? Have you provided a reduction in rent to your tenant who is experiencing financial distress as a result of COVID-19?
If so, you may be eligible for a reduction of up to 50 per cent on your Land Tax assessment.
You may recall we sent out a post earlier in the year in May when the first round of Land Tax relief was announced for the period April – September 2020 (Take a look: https://bpi.com.au/2020-nsw-land-tax-relief).
An additional 3 month period, where a landowner can apply for relief, has been announced for period October to December 2020.
This second round of relief will require tenants to have requested to re-establish their eligibility and prove their reduction in turnover or household income, and the landlord to have reduced their rent.
Landlords who have already applied for the original 25% land tax reduction must submit a new application if applying for the additional 25% land tax reduction for the period October to December 2020.
Further info regarding eligibility, process etc, can be found on the Revenue NSW website.
Applications close on 31 January 2021.
If you would like for us to help you prepare this application, please email Jessica@bpi.com.au and she will forward you an engagement letter. The fee for this service will be $500+ GST