Coronavirus land tax relief
The Queensland Government is offering the following land tax relief to eligible landholders:
- a land tax rebate reducing land tax liabilities by 25% for eligible properties for the 2019-20 assessment year
- a waiver of the 2% land tax foreign surcharge for foreign entities for the 2019-20 assessment year
- a 3-month deferral of land tax liabilities for the 2020-21 assessment year.
If you are eligible for the land tax rebate, it is expected you will apply the rebate firstly to provide rent relief to your residential or commercial tenants. You can then apply any remaining rebate to your own financial obligations (e.g. in relation to debt and other expenses).
The land tax rebate will only apply to each property that meets the above eligibility requirements and conditions, rather than the rebate applying to entire taxable landholdings.
To find out more about the land tax relief please click on the here. To apply for the rebate you need to log into OSR online. Poole Group is here to assist you through this process, if you have any questions please call us on 5437 9900.