An extension has been announced by the NSW government of its Retail and Other Commercial Releases (COVID-19) Regulation. Originally slated to expire on 25 October 2020, the regulation has now been extended to 31 December 2020.
Under the extension, tenants will be required to re-establish their eligibility if they wish to seek further rent relief. Landlords are also required to respond to any tenant requests for additional rent relief in a reasonable time frame.
Eligible landlords that reduce the rent for commercial and residential tenants in financial distress between October and December 2020 will be able to receive up to 25 percent land tax concession.
According to NSW Minister for Finance and Small Business Damien Tudehope:
“The government earlier this year acted quickly to implement the national cabinet’s Code of Conduct for commercial tenancies to provide support to small and medium-sized businesses, but a lot of businesses are still doing it tough, which is why we are extending this support. For many small businesses, rent is one of the biggest fixed costs, so easing this burden will help keep businesses in business and keep people in jobs.”My Business
Other states and Territories
- Victoria announced the extension of its commercial rent relief scheme until 31 December 2020.
- Queensland extended its relief for commercial tenants until 31 December 2020.
- South Australia extended its commercial rent relief scheme until 3 January 2021.
- Western Australia extended its relief to commercial tenants until 28 March 2021.
- Tasmania, the Northern Territory and the Australian Capital Territory will conclude their commercial rent relief schemes at the end of September 2020.