Details have just been released regarding COVID rent relief for landlords and tenants.
We know many of you have been waiting for this important information.
Commercial or Retail Properties
1. Tenants in Commercial or Retail premises
Protection will be offered for impacted tenants in commercial and retail tenancies in NSW.
Landlords will not be able to lock out or evict impacted tenants without first going to mediation.
To be eligible:
Tenants must have an annual turnover of <$50M
Tenants must be eligible for either of the Micro-Business COVID-19 Support Grant, the COVID-19 NSW Business Grant, or the JobSaver Scheme
To find out more, visit Small Business NSW.
2. Landlords Leasing Commercial Properties
For landlords with tenants in financial distress.
Landlords with commercial properties may be eligible for a land tax concession, or a grant, if they provide rent reductions to their tenants.
$3,000 grant to commercial or retail landowners for rental waivers of at least the value of the grant and any land tax relief they are eligible for.
Landlords must provide at least that much rental relief.
Landlords are required to provide rent relief in proportion to the tenant’s decline in turnover.
Of the rent relief provided, 50% must be a Waiver and 50% a Deferral.
To be eligible, the tenants must be eligible for the:
Micro-Business COVID-19 Support Grant and/or
2021 COVID-19 NSW Business Grant and/or
JobSaver scheme
Available for rent reductions made from 1 July 2021 until 31 December 2021.
For more information and to apply for Land Tax Relief, visit Service NSW.
For more information and to apply for $3,000 Grant, visit Small Business NSW.
Residential Properties
1. Eviction Moratorium for Residential Tenants
A tenancy moratorium to restrict tenant evictions due to rental arrears is in place until 31 December 2021.
For more information and to apply, visit Fair Trading.
2. Landlords Leasing Residential Properties
For landlords with tenants in financial distress.
Landlords with residential properties may be eligible for a land tax concession, or a grant, if they provide rent reductions to their tenants.
$3,000 grant to residential landowners for rent reductions provided to tenants, OR
Concession of up to 100% of 2021 land tax
To be eligible for the grant:
landlords must provide at least that much in rental relief, and
tenants must have lost 25% or more of their household income, and
rent reductions were made on or after 14 July 2021.
For more information and to apply, visit Fair Trading.
To be eligible for the land tax reduction:
the rent was reduced for any period between 1 July 2021 and 31 December 2021,
you have land tax attributable to the land leased to that tenant in 2021.
For more information and to apply, visit Service NSW.
We understand that there are multiple government deportments involved with these grants and concessions.
If you would like to discuss your individual circumstances, or need help with this at all, please contact your client manager.
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