Victorian landlords will not have to pay land tax on vacant residential properties for the remainder of 2020.
The Victorian Government announced it would be waiving the land tax fee to ease the financial burden on those who have been affected by coronavirus.
Treasurer Tim Pallas said: “We’ve listened to the sector and we’ve acted. These are small changes but they will make a big difference towards getting to the other side of this virus.”
Many properties have been left vacant in recent months as lockdown laws have restricted travel and brought a halt to property inspections.
These restrictions are keeping us all safe but they come at a devastating economic cost – that’s why we’re providing billions of dollars in support to those who need it most.Treasurer Tim Pallas
It is thought that the initiative will save Victorian landlords a combined $6 million by the end of the year, as the state government looks to relieve some financial pressure after announcing the lockdowns would be further extended.
Car park owners will receive a 25% waiver on this year’s congestion levy and can also defer any outstanding balances until next year, this is estimated to save a combined $30 million.
The Victorian Government has now provided over $10 billion in coronavirus support measures – $4 billion in direct economic support and $2.7 billion in infrastructure projects to create jobs and stimulate the economy.