COVID leasing regulations extended to 28 March
Small businesses will have continued protections into next year with the Retail and Other Commercial Leases Regulation amended and extended until 28 March 2021
Under the amended legislation, the annual turnover threshold for eligible businesses has been reduced to less than $5 million, down from $50 million, and excludes non-retail commercial leases.
Tenants will also need to re-establish their eligibility by demonstrating a 30 per cent decline in turnover for the 2020 December quarter.
Landlords of small retail tenants who establish eligibility under the new regulation from 1 January 2021 will be able to access further land tax relief of up to 25 per cent, where they provide rent reductions to their eligible tenants from 1 January 2021 to 28 March 2021.
Relief will be applied to any unpaid 2021 land tax liability and refunds will be issued for payments already made this year.
The NSW Small Business Commission can act as a professional mediator to ensure small businesses are heard and treated fairly in disputes over commercial leases.
For more information, please see our COVID-19 commercial leasing frequently asked questions.