Construction & Property

Construction & Property Law News and Articles

Apr 172020
 

The NSW Government has unveiled a $440 million land tax package to assist landlords and tenants as they deal with a downturn as a result of virus-related restrictions.

If you are a Landlord with commercial premises read on

25% Land Tax Concession

Landlords will be able to apply for a concession of up to 25 per cent of their land tax liability but it must be passed on to tenants suffering from the economic impacts of COVID-19.

Land Tax Deferral

Landlords will also be able to defer payment of any outstanding land tax for three months.

Eligible Landlords

Land Tax Relief is available when:

  • you have a land tax liability in 2020
  • your tenant has annual turnover up to $50 million and can demonstrate financial distress resulting from the COVID-19 outbreak*
  • you have reduced the rent by at least as much as the tax reduction
  • the land tax is directly related to the property for which rent has been reduced.

Revenue NSW has indicated that you will need to provide supporting documents if you wish to apply for the reduction including:

  • evidence that your tenant is in financial distress as a result of COVID-19
  • BAS statements, or
  • a letter from an accountant.
  • evidence that the lease was reduced such as copies of old and new tenancy/lease agreements that indicate rent reduction.

*Note: Financial distress is considered to be a 30 per cent drop in revenue due to COVID-19 pandemic.

Clark McNamara Lawyers is preparing Rent Deferral Deeds that will protect the interests of Commercial Landlords. 

Contact Peter McNamara today if you require assistance.

Feb 262019
 

The Opal Tower failure in Homebush Bay has heightened fears about high rise residential building defects.  Only last year the combustible cladding drama resulted in new laws  http://www.cml.com.au/a-cladding-tinderbox-will-your-high-rise-insulate-or-immolate/  and from 22 February 2019 all residential apartment owners must have checked for external combustible cladding and if affected, registered with the NSW Government Now, post- Opal, the […]

Apr 062018
 

A new land tax duty surcharge applies to residential land owned by foreign persons.  Discretionary Family or Hybrid Trusts are automatically caught by these new provisions irrespective of whether a foreign individual is associated with the trust. We understand that similar provisions have also been enacted in other states. To be exempted from these provisions […]

May 112017
 

Apartment blocks are being unlocked for redevelopment – this presents opportunities, and challenges, for owners and developers alike! There is a shortage of housing, the Australian dollar is cheap and foreign buyers seem keen to buy our real estate. The NSW government has announced changes to strata laws to enable strata owners to redevelop their […]