Victorian commercial property landlords to receive further land tax relief
Commercial property landlords in Victoria will receive further land tax concessions as they battle the ongoing impact of the coronavirus on business.
While announcing an extension of the moratorium on commercial property evictions and rent increases, along with $60 million in hardship payments of up to $3000 for small commercial landlords, the Victorian Government has increased the level of land tax relief available to eligible property owners.
Commercial landlords were previously eligible for land tax discounts of up to 25% under the first wave of financial support, but will now be in line for an additional 25%, provided they meet specific criteria.
In order to qualify for the additional relief, landlords must have reduced their tenant’s rent or be unable to secure a tenant due to the pandemic.
Landlords must also have given their tenants a rent reduction of 50% or more in order to qualify for the full 50% relief.
Commercial property owner-occupiers haven’t been left out this time around, and are now able to apply for a 25% land tax discount if they meet certain conditions.
Pubs, bars and other licensed venues are eligible for the assistance if their revenue has dropped more than 30% since March, while other owner-occupier businesses qualify if they have accessed the JobKeeper scheme.