Blog

June 10, 2020

Commercial & Retail Tax Relief 2020

The global COVID-19 pandemic has seen the cash flow dry up for many businesses, whether they’ve been instructed to temporarily close down operations or not. With less or no cash flow coming in, many businesses have been finding it difficult or impossible to continue paying their rent.

In a bid to ensure these retail shops and other commercial tenancies are able to continue operating when this is finally over, the Queensland Government has pledged $400 million in land tax relief for...

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June 10, 2020

Commercial Property Landlords and Tenants Tax 2020

The COVID-19 shutdown has caused a reduction in rental income for many commercial and residential investors across Australia. Thankfully, they’re now preparing to maximise negative gearing deductions to soften the blow of their property expenses in the weeks leading-up to lodging their tax returns on 1 July 2020.

To support property investors through this global pandemic, each state and territory around Australia has announced different measures for land tax concessions. These packages will offer eligible businesses or landowners who’ve experienced financial...

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June 10, 2020

Landowners Tax Changes for 2020

In response to the pandemic, Australian states and territories have announced some land tax concessions that may help landowners relieve some of the financial strain caused by the Coronavirus restrictions.

Each state and territory are offering different relief concessions and eligibility requirements to help property owners deal with challenges caused by the global shutdowns. Here’s how these concessions will affect people who own commercial properties in Queensland:

Firstly, the foreign land tax surcharge for all relevant foreign-owned properties will be waived for...

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June 10, 2020

Small Business Tax Changes for 2020

The Australian Federal Government has announced a range of relief and stimulus packages to help small businesses survive the COVID-19 shutdown. The main areas of support for small businesses below are all targeted, temporary, and scalable.

 

SME guarantee scheme

To support small to medium businesses during the upcoming months with access to funding for additional working capital, the Government will provide SME lenders with a 50% guarantee on any new unsecured loans. Any business with up to...

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May 11, 2020

Covid-19 & Property

The first case of Covid-19 was reported in Australia on 25 January and although it’s been a tough few first months of the year, Australia is recovering.

Australia’s strongest advantage in keeping Covid-19 at bay was always going to be over 35,000km of coastline, but we also acted fast. Australia closed its borders to all non-citizens on Friday 20 March. This advantage is almost unique among English speaking countries. And it has helped us, along with New Zealand, to be so...

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May 11, 2020

Development Projects Breaking Through Coronavirus

While the pandemic has raged on, there have been many new development applications lodged by developers, as well as some new projects that have commenced.

An application was lodged recently for the development a new $450 million mixed-use precinct called ‘Toowong Town Centre’ on the corner of High Street and Sherwood Road. The 9,000sqm site would activate the centre each day from early AM until quite late at night with mix of proposed uses from restaurants, bars, and cafes, to retail, offices,...

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May 11, 2020

COVID-19 Hasn't Stopped Building: Development Continues

With the majority of people isolating at home, many industries have been negatively impacted by Covid-19, but the construction industry has been deemed essential. Strict onsite containment protocols have been introduced to ensure the safety of all contractors and their momentum to provide support to the state economy.

This has allowed for construction across Brisbane that was already underway to remain open, with some projects progressing as normal, while others such as the Queensland Government’s Cross-River Rail are making significant progress.

Demolition...

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May 11, 2020

Construction Commences

Despite the threat of Covid-19, the building industry in Brisbane hasn’t stopped and there are many commercial projects of varying seizes which have recently commenced.

Property development and investment company Wallum Partners is revamping two neglected buildings built in the 1980’s. Situated along one of Brisbane inner west’s busiest thoroughfares on the corner of Coronation Drive and Cribb St in Milton, the four-level office buildings will undergo a $40 million-dollar transformation which will bring them into the current century.

On the corner...

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April 14, 2020

LAND TAX RELIEF | COVID-19 UPDATE

The State Government has made changes to the payment of Land Tax as a result of the Covid-19 health crisis.  These changes are proposed to assist commercial and residential landlords through reducing and deferring land tax payments which in turn are required to be passed onto the tenants. 

The State Government is offering property owners a three-month rebate of land tax for 2019-20 followed by a three-month deferral of land tax 2020-21 if they agree to provide rent relief for tenants...

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April 09, 2020

RELIEF FOR COMMERCIAL PROPERTY OWNERS AND RENTERS

2020 is a year of unprecedented events on a global scale, and as a nation, we are undergoing drastic changes in order to survive. Financially, nobody could have seen the events unfold as they have in the last two months. It’s a time when we either adapt to the changes or fail. No property owner wants to fail, but it is becoming harder and harder to adjust every day. With new regulations and rules regarding public gatherings to control the...

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