Commercial Tenancy Relief Scheme extended two more months
Lowe Lippmann Chartered Accountants
Commercial Tenancy Relief Scheme extended two more months
The Victorian Government recently announced the Commercial Tenancy Relief Scheme (CTRS) will be extended for another two months ending on 15 March 2022, after the CTRS was originally due to end on 15 January 2022.
This extension has been made to help support small business owners under financial pressure as Victoria continues to respond to the COVID-19 Omicron variant.
While full details of the new regulations for the extended scheme are yet to be released, however the Victorian Government has confirmed the following details will now apply, including:
- The extended scheme will apply to tenants with:
- an annual turnover of $10 million or less (which is down from the original $50 million threshold); and
- at least a 30% decline in turnover.
- The extended scheme will have retrospective operation from 16 January 2022, to ensure that tenants who were already receiving rent relief and remain eligible for relief should experience a gap in support.
- Landlords will be required to keep providing proportional rent relief in line with a reduction in turnover experienced by the tenant, with at least half of that rent relief offered by way of waiver of rent.
- Eligible commercial landlords who provide rent relief under the extended scheme should continue to be supported through the $20 million Commercial Landlord Hardship Fund.
- For tenants with existing agreements repayment of deferred rent, the repayment obligation will be paused until 15 March 2022, giving these businesses more time to repay deferred rent because of the extended scheme.
- The 'freeze' preventing landlords increasing the rent under the lease will continue.
- The eviction moratorium will also be extended, so eligible tenants cannot be evicted without undertaking mediation through the Victorian Small Business Commission (VSBC). While it still needs to be confirmed, tenants who have not yet sought rent relief may still be entitled to apply for CTRS relief, albeit for a limited time of two months.
Regulations for the Scheme will be made shortly and the
VSBC’s website and FAQs will be updated.
Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further.
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