The Victorian Government has announced that the Commercial Tenancy Relief Scheme will be further extended until 15 March 2022.
The extended scheme will be available to businesses with an annual turnover of $10 million or less and which have suffered a decline in turnover of at least 30 per cent due to COVID-19.
Landlords will be required to provide continued proportional rent relief in line with a reduction in turnover. For example, a business with a turnover of 40 per cent of pre-pandemic levels could only be charged 40 per cent of its rent. Of the balance, at least half would be waived with the remainder to be deferred. The freeze on rent increases will continue.
Tenants and landlords should abide by the conditions in their current rent relief agreement. Businesses that already have deferred rent under the Scheme will have more time to repay it due to the extension.
Click here for the press release. Click here for more information about the scheme, including how to write a letter requesting rent relief, responses to questions often asked and how to apply for free mediation.