Commercial tenants in NSW significantly impacted by COVID-19 will have greater protection from evictions with the State Government set to enact the National Cabinet Code of Conduct as part of a $440 million land tax relief package.
The measures will apply to commercial leases where the tenant is in financial distress due to COVID-19, including but not be limited to local shops, cafes, gyms, hairdressers, restaurants, offices, warehouses and industrial sites.
The land tax relief will be divided approximately 50-50 with around $220 million going to the residential sector and a further $220 million to the commercial sector.
Commercial landlords will be offered the land tax concession if they pass the savings on to tenants through a rent reduction.
Eligible landlords will be able to apply for a land tax concession of up to 25 per cent of their 2020 (calendar year) land tax liability on relevant properties. A further land tax deferral for any outstanding amounts for a three-month period will also be offered to landlords who claim the land tax concession.
For further information please click here to view a FAQ Factsheet.