The NSW Government has now announced a $440 million support package for tenants and landlords.
In NSW, landlords will now be able to apply for a land tax concession of up to 25 per cent of their 2020 calendar year land tax liability, but the relief landlords pass on to tenants would need to be of the same value or greater.
If the total relief landlords pass on to tenants is greater than 25 per cent of their annual land tax bill then a further land tax deferral for any outstanding amounts will be granted to landlords by the government for a three-month period. At the time of publishing, the details on how to apply for a refund on land tax already paid has not yet been finalised by the government.
Around 80% of residential properties in NSW are not subject to land tax so chances are that this support package will not apply to the vast majority of Landlords. You can read the NSW government announcement on this link.
