NSW has followed Victoria announcing an extension of rent relief provisions for eligible businesses. Rent relief has been extended until the 13th of March in NSW.
Rent relief regulations require landlords to negotiate with eligible commercial tenants experiencing a turnover decline of 30% or more. These businesses must turnover less than $5million a year.
At a minimum landlords should include a reduction in rent proportional to the business decline in revenue, with 50% as a waiver and the balance deferred.
As in Victoria impacted Landlords can apply for the Commercial Landlord Hardship Fund which currently provides small commercial and retail landlords with a monthly grant to the value of rent waived. The grant is set at a maximum of $3000, per month, per property.
Land tax relief is also available for eligible commercial landowners. who have reduced their tenants’ rent due to COVID-19, between 1st July 2021 and 31st December 2021. Applications have been extended until the 28th of February with the reduction in land-tax payable equal to the number of rent waivers provided to an eligible tenant for any period between 1st July and 31st December, 2021. This tax relief is up to 100% of the land tax attributable to the land leased to that tenant.
Access more information regarding commercial leases and COVID-19 here.
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