The NSW government has announced that the Retail and Other Commercial Leases (COVID-19) Regulation will be extended until 31 December 2020.
Landlords will also be able to receive up to 25 per cent land tax concession where they provide rent relief to commercial and residential tenants in financial distress from October to December.
The Retail and Other Commercial Leases (COVID-19) Regulation was set to expire on 25 October 2020, but will now be extended to 31 December 2020.
Eligible landlords that reduce the rent of eligible commercial and residential tenants between October 2020 and December 2020 can apply for a land tax concession on relevant properties.
This new concession is in addition to the concession provided to landlords that reduced rent between April 2020 and September 2020.
The concession will be applied to any unpaid 2020 land tax liability, and refunds will be issued for payments already made this year.
The NSW Government has also committed $10 million to bolster the NSW Small Business Commission to deliver more mediation and advisory services to assist parties to come to agreements.
To find out more about the Regulation and the land tax relief available for eligible landlords, please visit https://www.service.nsw.gov.au/campaign/covid-19-help-small-businesses/commercial-lease-support.
For more information on the NSW Government’s Recovery Plan, please visit:
nsw.gov.au/covid-19-recovery-plan