The state government of Victoria will provide tax relief to businesses, families, and individuals whose properties have been damaged or destroyed by the bushfires.
According to the state's announcement, the affected individuals will receive “ex-gratia” relief for their 2020 land tax assessment. Land tax will be also be waived on eligible properties being used to provide free accommodation to people who need shelter.
Furthermore, property owners who decide not to rebuild in their local community will be able to get $55,000 in stamp duty relief if they choose to buy in another area.
These efforts are a major help to those affected by the bushfires, said Fiona Nield, Victorian executive director at the Housing Industry Association (HIA).
"Taxes such as stamp duty and land tax are a major impediment to people buying or building a home, and by significantly reducing these fees people will hopefully be able to return to a new house sooner and get their lives back on track with as little angst as is possible," she said.
HIA recently reached out to Bushfire Recovery Victoria as part of its efforts to work closely with the government in assisting affected families.
"At this time of great hardship for those affected, it's the small things that alleviate financial suffering that count the most. This move will go some ways to alleviating some unnecessary worries," Nield said.