The South Australian Government has announced significant tax relief for businesses and residents whose properties and cars have been destroyed or substantially damaged by floodwaters, alongside a $60 million road repair package for River Murray communities.
Under the new tax relief measures, the South Australian Government will waive 2022-23 Land Tax liabilities for business properties and long-term residential rentals that are substantially damaged or destroyed.
Holiday rental properties will be also eligible for Land Tax relief where an owner can demonstrate a loss of bookings/income due to the property being substantially damaged or destroyed due to the flood. However, full-time private holiday homes will not be eligible.
Refunds will be provided where 2022-23 Land Tax liabilities have already been paid.
In addition, the South Australian Government will also provide Stamp Duty relief on vehicles purchased to replace another destroyed or lost in the flood. The relief will be worth up to $2,816 on the purchase of a non-commercial vehicle and $2,127 for a commercial vehicle.
Vehicle owners will also be entitled to relief equivalent to the Emergency Services Levy paid on the active registration period of their lost or destroyed vehicle.
Information on the applying for the tax relief will be available early next week via sa.gov.au/floods.
The South Australian Government is working collaboratively with many stakeholder groups including SA Power Networks to map out next steps once water levels recede and access to inundated properties is safe.
In the meantime, impacted businesses can call the Relief Information Line with further queries on 1800 302 787.