The Property Council has congratulated the Queensland Government on the constructive and proactive approach taken to work with the property industry to deliver real support to business tenants affected by COVID-19.
In particular, Queensland’s property industry has welcomed the State Government’s decision to refund 3 months of land tax, defer the implementation of the foreign land tax surcharge, and defer the issuing of next year’s land tax assessments for eligible landlords.
Property Council Queensland Executive Director, Chris Mountford, said the land tax relief was an effective way for the State Government to support businesses through this crisis.
“Land tax is often the biggest outgoing for commercial, retail, and industrial landowners,” Mr Mountford said.
“By granting this relief, landlords will have a greater capacity to support tenants that have been adversely affected, taking pressure off their cash flow at this critical time.”
“We know the circumstances that landlords and tenants are finding themselves in vary greatly. A ‘one size fits all’ approach to these challenges simply does not work.
“Landlords, tenants and their financiers are going to need to work together to find solutions that suit their circumstances. We know many of these proactive discussions are already happening.
“Today’s announcements are a demonstration that the State Government is stepping up and supporting tenants and landlords as they work this through.
“The Queensland Government is rightly encouraging outcomes that ensure the economic impact is shared fairly among tenants, landlords, financiers, and the Government.”
“We also applaud the pragmatic and fair approach the Queensland Government has taken in relation to the prerequisites for land tax relief. This will provide tenants and landlords with the right incentives to keep working together.