Commercial tenants struggling with rent payments will benefit from rent relief, with the Victorian Government having finalised new regulations and broadened eligibility for the Commercial Tenancy Relief Scheme (the Scheme).
The Scheme will help small and medium-sized businesses with an annual turnover of less than $50 million that have experienced a fall in turnover of more than 30 per cent during the pandemic.
Under the Scheme, the Victorian Small Business Commission (VSBC) will support tenants and landlords by providing information to assist with negotiating a rent relief agreement and access to free and impartial mediation if a fair agreement can’t be reached. The VSBC is also offering help with negotiations and free mediation in situations where the tenant isn’t eligible for the Scheme.
New businesses will also be protected under the Scheme, with any business that has opened since April 2019 eligible for assistance. New business owners can find out more by accessing our FAQs for the Scheme.
The Scheme will apply retrospectively from 28 July 2021 and will run until 15 January 2022.
To help landlords who provide their eligible tenants with rent relief, the Government will provide land tax relief of up to 25 per cent, in addition to any previous relief, with the support worth up to $100 million. In addition, small landlords who can demonstrate acute hardship will be eligible to apply for payments as part of a $20 million hardship fund. More information will be made available on the Business Victoria website.
For more information, tenants and landlords can access updates on our website, the new regulations and FAQs for the Scheme and our step-by-step process for tenants and landlords, or speak to us by calling 13 8722.