This week, the Victorian and New South Wales governments have advised that they will be providing tax relief to businesses, families and individuals in bushfire-affected communities, and in certain circumstances, to those who have assisted bushfire victims. A summary of the relief offered in each state is below.
Victoria State Government
- Land tax assessments will be suspended in affected areas;
- Land tax will be waived for those who have lost property or suffered substantial damage to their property;
- Land tax will be waived for eligible properties being used to provide free accommodation for those affected by the fires;
- Up to $55,000 in stamp duty relief will be offered to those who have lost their homes to the bushfires and have chosen not to rebuild and purchase elsewhere; and
- Up to $2,100 relief from duty on motor vehicles will be offered to those who have lost motor vehicles in the bushfires (note: up to two replacement vehicles).
New South Wales State Government
- A hold on all revenue NSW fines and debt for people in bushfire affected areas;
- Extensions for payment deadlines and timeframes for lodging of documents with Revenue NSW;
- Waiver of Revenue NSW interest charges;
- Waiver of payroll tax owing to employees for bushfire-fighting activities or emergency operations; and
- Two month payment deferrals for any amounts due to Revenue NSW.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.