Land Tax Discount for Build-to-Rent Projects Across NSW

The NSW Government has announced that it will be introducing a land tax discount for all new build-to-rent projects across the states. It also announced that it will grant build-to-rent developers an exemption from foreign investor surcharges. The Land Tax discount will apply to build-to-rent projects from 1 July 2020 until 2040 and will be equal to a reduction of at least 50% calculated by reference to the unimproved land value. The full eligibility criteria has not yet been released, however, it has been noted that metropolitan developments must consist of a minimum of 50 units. We will keep you updated with developments in relation to this discount over the coming weeks.