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Commercial Tenancy Relief Scheme Reintroduced

The Victorian Government recently reintroduced the Commercial Tenancy Relief Scheme to alleviate the financial hardships faced by the commercial tenants as a result of the COVID-19 pandemic. All commercial tenants with small to medium sized businesses having an annual turnover under $50 million and facing a decline in turnover of at least 30% due to COVID-19 restrictions and impact are eligible to get relief via this scheme.

Scheme Overview

This scheme is based on the previous Commercial Tenancy Relief Scheme-2020 which had the objective of providing constant financial relief to the commercial tenants and landlords. It supported the negotiation in good faith between the two parties to reach a rent relief agreement.

The Victorian Small Business Commission (VSBC) took the responsibility to provide support to tenants and landlords through a free mediation service and helped reach a fair solution.

Eligibility Criteria

Commercial tenants who have witnessed a decline of at least 30% in annual turnover due to the COVID-19 pandemic are eligible to get the support.

Whether your business has been directly or indirectly impacted, you can apply for a relief. For ex: If your business was closed due to restrictions or you got fewer customers or your business hours and operations were restricted, everything is covered under this Commercial Tenancy Relief Scheme.

Closing Date: 15 Jan 2022

Scheme Benefit: Support to eligible businesses in reaching an agreement on rent relief.

If your business has been through the tough time and financial hardships, apply for a rent relief support. Our tax consultants at KPG Taxation are always ready to guide you and lend a helping hand with the paperwork. For more information and queries, feel free to schedule a consultation or contact us anytime.