The Victorian Government has announced further land tax relief measures, comprising an increased 50% land tax discount for eligible landlords and a new 25% land tax discount for eligible owner-occupiers.
As Victorians continue to navigate the Stage 4 lockdown, the Government's announcement on Thursday 20 August of further land tax relief 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 further land tax relief measures?
Existing land tax relief measures in Victoria announced in March and April are primarily directed towards landlords of tenanted and previously tenanted properties. However, under the new measures, these landlords may now be eligible for a 50% reduction in land tax, up from 25% under the previous measures.
Further, owner-occupiers who were largely left out of the previous measures may now be eligible for a 25% reduction in land tax, if their business on the property has been impacted by COVID-19.
Access your easy-to-understand fact sheet detailing Victoria's latest land tax relief measures, based on the details available at the time of writing from the Victorian State Revenue Office.
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