Key Points:

• Small and medium businesses that have experienced a loss in turnover of more than 30% during the pandemic will receive financial relief in the form of a proportionate rent reduction
• New businesses will also be protected, with special arrangements in place to calculate the turnover for businesses that were not operating in 2019

Full Article:

If you’re a commercial tenant struggling with rent payments, further support is here with new regulations through the Commercial Tenancy Relief Scheme.

Small and medium businesses that have experienced a loss in turnover of more than 30% during the pandemic will receive financial relief in the form of a proportionate rent reduction. New businesses will also be protected, with special arrangements in place to calculate the turnover for businesses that were not operating in 2019.

As part of the Scheme, the Victorian Small Business Commission will support tenants and landlords with information and free mediation to negotiate an agreement.

The Scheme will apply retrospectively from 28 July 2021 and will run until 15 January 2022. 

For more information, we also recommend you attend this free webinar, presented by Steven Milicevic from Milicevic Lawyers.  Milicevic Lawyers will explain the new 2021 rent relief scheme, and the key deadlines that landlords and tenants need to be aware of.

You will learn:

• Which Tenants and leases are eligible, tests to apply and evidence needed
• What Tenants need to do to request rent relief
• What Landlords need to offer and do
• The key differences to the old schemes

The webinar will be held at 6pm on Thursday 9^th September 2021.  Register here to attend.

Tenants and landlords can contact the Victorian Small Business Commission for further information on 13 87 22 or visit vsbc.vic.gov.au.

If you have any questions or need advice and clarity specific to your business, feel free to contact Semmens & Co on 03 8320 0320 for a free consultation.