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Land tax relief step in right direction

16 April 2020

The Victorian Government has announced land tax relief measures for small to medium-sized businesses, in a move welcomed as a step in the right direction by peak industry body, the Victorian Automobile Chamber of Commerce (VACC).

“Reforming commercial tenancy laws is supported by the automotive industry, which is largely made up of small-to-medium businesses. However, VACC reminds government that larger businesses – such as vehicle dealerships – are big employers that make an incredible impact on Victoria’s economy. It is vital that they survive into the future. Therefore these government reforms should also be extended to them,” said VACC CEO, Geoff Gwilym.

Part of a $500 million package aimed at supporting landlords and tenants, a landlord may be eligible for a 25 percent reduction on their property’s 2020 land tax bill, if they offer COVID-19 impacted tenants rent relief.

To be eligible the property must be rented to a tenant with an annual turnover of up to $50 million and additionally, the tenant must be eligible for the JobKeeper Payment. However, landlords of properties rented to tenants with an annual turnover of over $50 million will receive no support.

“Unfortunately, 70 percent of vehicle dealers will miss out on the support that they so desperately need right now. These are larger businesses but they aren’t the ‘big end of town’, so are falling through the cracks in terms of government assistance. This needs to be addressed,” said Mr Gwilym.

The Stage 3 restrictions, designed to help slow the spread of Coronavirus, have had widespread economic consequences for large, as well as small and medium-sized businesses and governments need to recognise this.

“VACC agrees with Victorian Premier Daniel Andrews that we all need to be working in partnership: landlords working with tenants; tenants working with landlords; and with Government willing to help those most in need. But right now, some of those most in need are not being supported by this well-meaning land tax reform package,” said Mr Gwilym.

The Chamber is calling on the Andrews Government to continue to support all Victorian businesses in need and revise thresholds on relief measures.

ENDS

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