Everything About The Business Continuity Fund

The present COVID-19 situation and the lockdown restrictions have impacted many lives and households in the Australian Capital Territory in one or other ways that are causing financial distress to the residents. As a result, there are many tenants and landlords having a hard time meeting their rental agreements.

To prevent the drastic effects of this residential and financial hardship, the ACT Government has taken several steps to assist the local population during this public health emergency.

All About the New Residential Tenancy Relief

The ACT Government committed $5.25 million in emergency support measures to help residential renters and landlords survive this awkward situation.

According to the new residential tenancy declaration, a twelve-week moratorium is extended on the evictions for rent arrears for tenants who are in financial distress due to loss of income or reduction in working hours.

All residential landlords who’ll be offering a rent relief to the tenants will be eligible for a credit on their land tax of up to $100 per week. This rebate allows them to share the cost of passing rent relief on to the tenants who have lost their source of income due to COVID-19.

Chief Minister, Andrew Barr said, “ It is important for government, landlords, and tenants to work together to respond to the impacts of the current lockdown. Once again, access to free mediation will be available to help landlords and tenants negotiate changes to the rental agreements.”

Though every possible measure is taken by the ACT Government, still the economic impact of this pandemic will be felt for years to come. Every significant and necessary financial support is being provided to keep things going as they previously did.

If you want to get the benefit from this new residential tenancy relief or want to know more about this program, feel free to consult our professionals at KPG Taxation.

Consulting with KPG Taxation

Focus On Growing Your Business, Leave The Accounting On Us!

  • Income Tax : File your taxes & get the best claims & returns.
  • Accountancy : Hire expert accountants to manage your transactions.
  • Bookkeeping : Let us handle your record books and expense reports.
  • Business Advisory : From company set-up to payroll, we handle it all.