In addition to the measures discussed in our leasing update, the NSW Government has introduced new regulations that will give effect to the NSW Government’s COVID-19 emergency rental measures. The government support announced on 13 April 2020 includes $440 million in land tax relief, which will be split between the commercial and residential sectors. Eligible landlords will be able to apply for land tax concession of up to 25% of their 2020 land tax liability on relevant properties, insofar as they pass on their savings as rental reductions to their tenants. The commercial leasing policy will apply to business tenants with a turnover of less than $50 million and who have a 30% or more reduction in revenue as a result of COVID-19. For residential tenancies, households must demonstrate that they have suffered an income loss equal or greater than 25% as a result of COVID-19 and are struggling to make rental payments. It is estimated that eligible landlords will be able to apply for such land tax rebates from Service NSW from Monday 4 May 2020

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