On 20 August 2020, the Victorian Government announced further land tax relief for landlords and business owners, in response to the coronavirus (COVID-19) pandemic, as part of its extension of the commercial and residential tenancy relief schemes until 31 December 2020.
Residential and commercial landlords that have provided outright rent waivers of at least 50 per cent of rent payable for at least three months will now be eligible for an additional 25 per cent land tax relief and defer payment of the remaining tax to 31 March 2021.
Owner-occupiers of commercial properties can obtain a 25% waiver of the property’s 2020 land tax and payment of the remaining tax can be deferred to 31 March 2021 if their business meets the conditions in either of these two categories:
1. For a licensed pub, club or restaurant under a general, full club or on-premises liquor licence:
- at the premises level, annual turnover was no greater than $50 million in either the 2018-19 or 2019-20 financial year, and
- turnover at that premises has reduced by at least 30% since March 2020.
2. For other businesses:
- annual aggregated turnover was no greater than $50 million in either the 2018-19 or 2019-20 financial year, and
- they are eligible for, and participating in, the Australian Government’s JobKeeper Payment.
Please find link in the following for further detail.
We will continue to keep you updated with further information as it becomes available.